General Announcement
Reference No MI-071120-67779

Submitting Merchant Bank	:	RHB INVESTMENT BANK BERHAD
Company Name	:	ASIAEP BHD (MESDAQ Market)
Stock Name	:	ASIAEP
Date Announced	:	20/11/2007


Type	:	Announcement
Subject	:	asiaEP BHD (“asiaEP” or “Company”) Proposed acquisition of 800,000 ordinary shares of RM1.00 each in General Perfect Sdn Bhd (“GP”) (“GP Shares”) representing 80% equity interest therein, for a cash consideration of RM23.2 million (“Proposed Acquisition”)

Contents :

We refer to the earlier announcement dated 23 July 2007 whereby RHB Investment Bank Berhad (“RHB Investment Bank”) had, on behalf of the Board of Directors of asiaEP (“Board”), announced that the Company had accepted a non-binding offer dated 20 July 2007 (“Offer”) from Liang Chee Wah and Liang Chee Hoo (collectively referred to as the “Vendors”) to acquire 800,000 GP Shares representing 80% equity interest therein for a cash consideration of RM23.2 million. The terms of the Offer were preliminary in nature and subject to the execution of a formal conditional acquisition agreement to be entered into between the Vendors and asiaEP within 60 days from the acceptance date of the Offer on 23 July 2007.

We also refer to the earlier announcement dated 24 September 2007 whereby RHB Investment Bank had, on behalf of the Board, announced that the Company and the Vendors had mutually agreed to extend the time for the execution of the conditional acquisition agreement for another sixty (60) days from 22 September 2007.

Subsequent to the above, on behalf of the Board, RHB Investment Bank wishes to announce that the Company had on 20 November 2007 entered into a conditional sale and purchase of shares agreement (“SPA”) with the Vendors to acquire 800,000 GP Shares representing 80% equity interest therein for a cash consideration of RM23.2 million.

Kindly refer to the salient details pertaining to the SPA and the Proposed Acquisition as set out in the attachment below.

This announcement is dated 20 November 2007.