DAYANG ENTERPRISE HOLDINGS BERHAD (“DAYANG” OR “COMPANY”)

ACQUISITION OF 42,965,100 ORDINARY SHARES OF RM0.50 EACH IN PERDANA PETROLEUM BERHAD (“PPB”) (“PPB SHARES”), REPRESENTING APPROXIMATELY 5.74% EQUITY INTEREST IN PPB FROM AFFIN HWANG ASSET MANAGEMENT BERHAD (FORMERLY KNOWN AS HWANG INVESTMENT MANAGEMENT BERHAD) (“AHAM”) FOR A TOTAL CASH CONSIDERATION OF RM66,595,905 OR RM1.55 PER PPB SHARE (“ACQUISITION”) AND THE RESULTANT MANDATORY TAKE-OVER OFFER FOR ALL THE REMAINING PPB SHARES NOT ALREADY OWNED BY DAYANG AFTER THE ACQUISITION AND SUCH NUMBER OF NEW PPB SHARES THAT MAY BE ISSUED PURSUANT TO THE EXERCISE OF ANY OUTSTANDING 5-YEAR WARRANTS 2010/2015 ISSUED BY PPB (“PPB WARRANTS”) PRIOR TO THE CLOSE OF THE MANDATORY TAKE-OVER OFFER FOR A CASH CONSIDERATION OF RM1.55 PER PPB SHARE AND ALL THE REMAINING PPB WARRANTS NOT ALREADY OWNED BY DAYANG FOR A CASH CONSIDERATION OF RM0.84 PER PPB WARRANT

(TO BE COLLECTIVELY REFERRED TO AS “PROPOSALS”)

We refer to the Company’s announcements dated 14 May 2015 and 17 June 2015 in relation to the Proposals.

On behalf of the Board of Directors of Dayang, Maybank Investment Bank Berhad (“Maybank IB”) is pleased to announce that the shareholders of Dayang have approved the ordinary resolution in relation to the Proposals at the extraordinary general meeting held today.

Pursuant thereto, the conditional share sale agreement dated 14 May 2015 between Dayang and AHAM in relation to the Acquisition has become unconditional today.

Upon completion of the Acquisition, Dayang’s shareholding in PPB will increase from approximately 32.71% to approximately 38.45%. Pursuant to Section 218(2) of the Capital Markets and Services Act, 2007 and Section 9(1), Part III of the Malaysian Code on Take-Overs and Mergers, 2010 (“Code”), Dayang is obliged to extend a mandatory take-over offer to acquire the following:

1. all the remaining PPB Shares not already owned by Dayang after the Acquisition and such number of new PPB Shares that may be issued pursuant to the exercise of any outstanding PPB Warrants prior to the close of the Offer (as defined herein) (“Offer Shares”); and
2. all the remaining PPB Warrants not already owned by Dayang (“Offer Warrants”),

for a cash offer price of RM1.55 per Offer Share and RM0.84 per Offer Warrant (“Offer”).

In this respect, in accordance with Section 11(8) of the Code, Maybank IB, on behalf of Dayang, has on even date served the notice of the Offer on the Board of Directors of PPB (“Notice”).

A copy of the Notice is attached to this announcement.

This announcement is dated 2 July 2015.