Petaling Jaya, 25 February 2010, UEM Land Holdings Berhad (“ULHB”) announced today that shareholders approved the resolution proposed at its Extraordinary General Meeting relating to the rights issue to raise gross proceeds of approximately RM970 million.

The Rights Issue will make ULHB more flexible and agile financially and the proceeds raised will be used for the repayment of borrowings, payment for the acquisition of land in Cyberjaya and for property development and working capital purposes.

The Proposed Rights Issue will allow UEM Land to raise funds to repay the company’s borrowings and reduce its interest cost which would lead to a more robust capital structure. Further, the inflow of capital for UEM Land’s property development activities will accelerate the realisation of value from Nusajaya land bank and spur ULHB’s future earnings growth.