Announcement

Date: 10 July 2008

Type
:
Announcement
Subject
:
MEMORANDUM OF UNDERSTANDING BETWEEN RCE CAPITAL BERHAD ("RCE" OR THE "COMPANY") AND SOUTHERN BANK VIETNAM ("SBV")

Contents
:
Reference is made to the announcement dated 11 September 2007 on the Memorandum of Understanding between RCE and SBV.

After completion of the due diligence by RCE, both parties could not enter into definitive agreements for the joint venture company due to recent changes in the regulatory and operating environment.

The Board of Directors of RCE therefore wishes to announce that the Company has decided not to pursue the setting up of a finance company in Vietnam.

This announcement is dated 10 July 2008.


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