MIDF RESTRUCTURES ITS INVESTMENT BANKING UNIT

MIDF’s wholly-owned subsidiary Amanah Equities Sdn. Bhd. also had, on 6 October 2006, entered into a conditional share sale agreement with Sisma Vest Sdn. Bhd to acquire the remaining 4 million ordinary shares of RM1.00 each, representing 20 percent equity interest in MIDF Sisma Holdings Sdn. Bhd (“MSH”), for a cash consideration of RM9.0 million, subject to approvals from the relevant authorities.

MSH holds 100 percent equity interest of MIDFSS, which is licensed under the Securities Industry Act, 1983 to carry out stock broking business in Malaysia. With this acquisition, MIDF Group will own 100 percent equity interest in MIDFSS, and will be in a better position to effect the underlying transactions essential in transforming UMBB into an investment bank.

MIDF expects its new investment bank (“IB”) to contribute significantly to the Group’s overall profit in years to come. The IB is expected to be launched by end of 2006 subject to approval by relevant authorities.