PROPOSALS

UEM WORLD BERHAD ("UEM WORLD")

(I) PROPOSED NON-RENOUNCEABLE RESTRICTED OFFER FOR SALE BY UEM WORLD OF SHARES
IN ITS LISTED SUBSIDIARIES TO THE SHAREHOLDERS OF UEM WORLD ("PROPOSED ROS");

(II) PROPOSED DIVIDEND IN SPECIE OF SHARES IN UEM LAND SDN BHD ("UEM LAND") OR
A HOLDING COMPANY ("NEWCO") HOLDING 100% OF UEM LAND ("PROPOSED DIS");

(III) PROPOSED LISTING OF UEM LAND OR NEWCO ON THE MAIN BOARD OF BURSA
MALAYSIA SECURITIES BERHAD ("PROPOSED LISTING");

(IV) PROPOSED DISPOSAL BY UEM WORLD OF ITS REMAINING BUSINESSES AND
UNDERTAKINGS AFTER THE PROPOSED ROS AND PROPOSED DIS (OTHER THAN THE PROCEEDS
FROM THE PROPOSED ROS) TO UEM GROUP BERHAD ("UEM GROUP") ("PROPOSED DISPOSAL");
AND

(V) PROPOSED CAPITAL REPAYMENT TO THE SHAREHOLDERS OF UEM WORLD ("PROPOSED
CAPITAL REPAYMENT")

(COLLECTIVELY REFERRED TO AS THE "PROPOSALS")
1. INTRODUCTION

On behalf of the Board of Directors of UEM World ("Board"), we wish to announce

that UEM World proposes to undertake the following:

(a) Proposed ROS comprising a non-renounceable restricted offer for sale
of UEM World's equity interests in its listed subsidiaries, namely UEM Builders

Berhad ("UEM Builders"), Opus Group Berhad (formerly known as Opus
International Group Berhad) ("Opus"), Pharmaniaga Berhad ("Pharmaniaga") and
Cement Industries of Malaysia Berhad ("CIMA") (collectively referred to as the
"Listed Subsidiaries"), to the shareholders of UEM World on a rights basis;

(b) Proposed DIS comprising a dividend in specie of 5 ordinary shares of
RM0.50 each in UEM Land ("UEM Land Shares") or 5 ordinary shares of RM0.50 each

in Newco ("Newco Shares") for every 4 existing ordinary shares of RM1.00 each
in UEM World ("UEM World Shares");

© Proposed Listing comprising the listing of UEM Land or Newco on the
Main Board of Bursa Malaysia Securities Berhad ("Bursa Securities") after the
Proposed DIS;

(d) Proposed Disposal comprising the disposal of UEM World's remaining
businesses and undertakings after the Proposed ROS and Proposed DIS (other than

the proceeds from the Proposed ROS) ("Remaining Businesses and Undertakings")
to UEM Group for a cash consideration of approximately RM13.9 million; and

(e) Proposed Capital Repayment comprising the repayment of such cash
proceeds by UEM World from the Proposed ROS and Proposed Disposal via a capital

reduction exercise under Section 64 of the Companies Act, 1965 ("Act").


2. DETAILS OF THE PROPOSALS
2.1 Proposed ROS
2.1.12 Information on the Listed Subsidiaries

(a) UEM Builders
(b) Opus
© Pharmaniaga
(d) CIMA
2.2 Proposed DIS
2.2.8 Information on UEM Land
2.3 Proposed Listing
2.4 Proposed Disposal
2.4.7 Information on UEM Group
2.5 Proposed Capital Repayment
2.6 Options available to shareholders
2.7 Conditionality
2.8 Corporate structure
3. RATIONALE FOR THE PROPOSALS

3.1 Rationale for the Proposals

(a) Positioning the businesses of UEM World for growth
(b) Enhancing transparency of the valuation and unlocking of value of
UEM World
© Shareholders receive direct exposure to UEM Land, a focused property
player and have flexibility to rebalance exposure in the Listed Subsidiaries
3.2 Rationale for steps involved in the Proposals

(a) Proposed ROS
(b) Proposed Reorganisation
© Proposed DIS and Proposed Listing
(d) Proposed Disposal

(e) Proposed Capital Repayment
(f) Proposed Share Issue

4. EFFECTS OF THE PROPOSALS

4.1 Issued and paid-up share capital

(a) UEM World
(b) UEM Land
© Newco
4.2 Substantial shareholders' shareholdings

(a) UEM World
(b) UEM Land
© Newco
4.3 Earnings
(a) UEM World
(b) UEM Land
© Newco
4.4 Net assets and gearing
(a) UEM World
(b) UEM Land
© Newco
5. APPROVALS REQUIRED
6. MAJOR SHAREHOLDERS' AND DIRECTORS' INTERESTS
6.1 Major shareholders' interests
6.2 Directors' interests
7. DIRECTORS' STATEMENT
8. ADVISERS
9. ESTIMATED TIMEFRAME FOR COMPLETION
10. COMPLIANCE WITH THE SC'S GUIDELINES ON THE OFFERING OF EQUITY AND
EQUITY-LINKED SECURITIES ("SC GUIDELINES")
11. DOCUMENTS AVAILABLE FOR INSPECTION




This announcement is dated 15 February 2008.

Maybulk rides on recovery in shipping rates

By IZWAN IDRIS

Shares in Malaysian Bulk Carriers Bhd (Maybulk) posted strong gains over the past two weeks, buoyed by a sharp recovery in international shipping rates for coal and iron ore.

Investors were also loading up the stocks ahead of its full year results - to be announced today - on high hopes for a bumper dividend payout for the period ended Dec 31, 2007 (FY07).

Maybulk share price gained 22 sen to close at RM4.24 last Friday on volume of 2.17 million shares. The stock hit a five month low of RM3.50 in intra-day trade on Jan 30.

Despite the price surge, the stock was still down 22% from its late October peak of RM5.40.

The recent upswing in Maybulk share price reflected the Baltic Dry Index's rebound to 7,355 points last Friday from a low of 5,615 points on Jan 29.

The index hit an all-time high of 11,039 points in mid November last year.

Historically, shares in dry bulk shipping companies moved in line with the performance of the Baltic Dry Index - the benchmark that measures global freight rates for commodities like sugar, wheat, iron ore and coal.

Most analysts projected that the Baltic Dry Index would average at 8,000 points this year.

Meanwhile, Maybulk is expected to release its full year FY07 results early this week.

Year-to-date, its cumulative nine months ended Sept 30 net earnings had reached RM388.6mil, or 38.86 sen per share versus RM206.6mil, or 20.67 sen per share reported a year earlier.

The company had so far paid an interim dividend of 8 sen per share.

The market is expecting a much bigger payout in the final quarter, with at least one brokerage expecting Maybulk's to post a gross dividend yield of around 13% for the full year