News

Contents :

We refer to our announcement on behalf of the Board of TCMH ("Board") on 16 April 1999.

On behalf of the Board, Commerce International Merchant Bankers Berhad wishes to announce that the Company proposes to revise the valuation for APM Automotive Holdings Berhad ("APM") pursuant to the disposal of APM shares to Newco A from RM298,922,000 to RM350,233,000 or from RM1.48 per APM share to RM1.74 per APM share.

The revision to the valuation of APM has been proposed in the light of the continued improvement in the economic conditions in Malaysia and in particular, the Malaysian automotive industry leading to a more positive business outlook for APM. The revised valuation has been arrived at after taking into consideration, the proforma maintainable profit after taxation and net tangible assets of the companies comprising the proforma APM group.

No revision is proposed to be made to the valuation of Warisan TC Holdings Berhad.

In view of the above, TCMH shareholders' entitlements pursuant to the revised terms of the Proposals will be as follows:-

Please refer to Table A.

	As announced on 16 April 1999	Pursuant to the revised valuation for APM
No. of APM shares (RM1.00 par)	150	150
No. of WTCH shares (RM1.00 par)	50	50
Cash*	RM313.29	RM351.47

Note:-

* Shareholders should note that the distribution of the cash is dependent on the time required by the Ministry of International Trade and Industry to identify Bumiputera investors to acquire shares in APM and WTCH.