Contents :

(I) PROPOSED RESTRICTED ISSUE OF UP TO 30,000,000 NEW ORDINARY SHARES OF RM0.50 EACH IN MAICA ("MAICA SHARES") AT AN ISSUE PRICE OF RM1.02 PER SHARE FOR CASH ("PROPOSED RESTRICTED ISSUE");

(II) PROPOSED ACQUISITION OF 2,000,000 ORDINARY SHARES OF RM1.00 EACH IN HYRAX OIL SDN BHD ("HYRAX"), REPRESENTING THE ENTIRE ISSUED AND PAID-UP SHARE CAPITAL OF HYRAX AT A TOTAL PURCHASE CONSIDERATION OF RM50,000,000 TO BE SATISFIED BY THE ISSUE OF 50,000,000 NEW MAICA SHARES AT AN ISSUE PRICE OF RM1.00 PER SHARE ("PROPOSED ACQUISITION");

(III) PROPOSED SHARE SPLIT INVOLVING THE SUBDIVISION INTO FIVE (5) NEW ORDINARY SHARES OF RM0.10 EACH IN MAICA FOR EVERY ONE (1) EXISTING MAICA SHARE ("PROPOSED SHARE SPLIT");

(IV) PROPOSED INCREASE IN THE AUTHORISED SHARE CAPITAL OF MAICA; AND

(V) PROPOSED AMENDMENTS TO THE MEMORANDUM OF ASSOCIATION OF MAICA
(HEREINAFTER COLLECTIVELY REFERRED TO AS THE "PROPOSALS")

We refer to the announcements made on behalf of MAICA on 14 January 2004, 9 July 2004 and 25 August 2004 in relation to the Proposals.

On behalf of MAICA, Commerce International Merchant Bankers Berhad wishes to announce that Bursa Malaysia Securities Berhad has in its letter dated 27 September 2004, approved the following:

(i) proposed subdivision of up to 210,361,472 MAICA Shares into 1,051,807,360 ordinary shares of RM0.10 each in MAICA; and

(ii) listing of and quotation for MAICA's issued share capital comprising 1,051,807,360 ordinary shares of RM0.10 each in MAICA (assuming completion of the Proposed Restricted Issue and Proposed Acquisition) after the Proposed Share Split.

(This announcement is dated 28 September 2004).