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(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 HELD AFTER THE PROPOSED RESTRICTED ISSUE AND PROPOSED ACQUISITION;

(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 the Ministry of International Trade and Industry has in its letter dated 21 October 2004, which was received on 22 October 2004, approved the Proposed Restricted Issue and Proposed Acquisition subject to the approval of the Securities Commission being obtained and the compliance with the Guideline on the Acquisition of Interests, Mergers and Take-Overs by Local and Foreign Interests issued by the Foreign Investment Committee.

(This announcement is dated 25 October 2004).