RAMUNIA HOLDINGS BERHAD

KUALA LUMPUR - Oil and gas engineering and heavy-fabrication group Ramunia Holdings Bhd ("Ramunia") hopes to make its debut on the Second Board of Bursa Securities in the last quarter of 2004, via the re-structuring and re-listing of Saship Holdings Berhad (Special Administrators Appointed) ("SHB").

The Securities Commission has on 9 August 2004 granted a conditional approval for SHB's/ Ramunia's application for re-structuring and re-listing.

Ramunia, an investment holding company, will wholly-own Ramunia Fabricators Sdn Bhd ("RFSB/ Ramunia Fabricators"), which is one of the three largest fabricators in the country, as well as the Teluk Ramunia Yard located in southern tip of Johor, which RFSB currently operates. The Teluk Ramunia Yard was initially acquired via Pengurusan Danaharta Nasional Berhad in 2001.

Ramunia Fabricators Sdn. Bhd., being a strong niche player in the high-growth heavy-fabrication industry, is one of only six companies which holds a Petronas Major Fabricator License.

Ramunia Fabricators has currently in excess of RM100 million worth of projects in its order books stretching through until 1st quarter of 2006. It is also tendering for work worth more than RM1 billion for both local and international clients.

"We are decidedly upbeat on the future of the Group," said Ramunia Chairman Dato' Azizul Rahman Abd Samad, a 43-year-old lawyer turned businessman.

Teluk Ramunia Yard with a long history in the design, engineering and fabrication business was badly affected by the economic crisis of the late 1990s. When Ramunia Group took over the asset in 2001 it began to re-establish the business, which included the ground-breaking job for Petronas Carigali Sdn Bhd's Kinarut gas field where Ramunia Fabricators last year completed the longest jacket - a key component in offshore oil & gas superstructure - ever fabricated in Malaysia.

'The Kinarut contract shows that we are capable of world class work. and Ramunia will be a competitive player in the oil & gas industry," said Dato' Azizul Rahman.

Since the Kinarut job, Ramunia Fabricators has expanded its client base to include oil majors like ExxonMobil and Shell. It is now poised to bid for jobs from other international oil & gas Production Sharing Contractors operating in Malaysia, like Amerada Hess, Murphy Oil and Talisman.

Dato' Azizul Rahman added that Ramunia fully intends to be part of the new crop of players that have emerged of late to support the fast growing domestic oil & gas industry, both locally and abroad.

Chief Executive Officer, Encik Arshad Ahmad said with its strong tradition in design, engineering and fabrication, Ramunia is also looking at expanding its business to include clients in the petrochemical, power generation, port infrastructure, ship building and marine services, as well as specialized civil engineering works.

Ramunia prides itself for its strong workforce and its outstanding safety record in the industry. For example, for the Kinarut project it reported an excellent safety performance with Zero Lost Time Incidence (LTI) for the 950,000 man-hours needed to complete the job.

The Group is also actively upgrading its capabilities to be globally competitive by focusing on infrastructure, systems and human capital, said Encik Arshad who has over 20 years experience in the heavy fabrication industry.

For further information please call Rasdan Bakhtiar Ramly at 03-40476800 (ext:1313).