NatSteel shareholders are given extra time

NatSteel shareholders are given extra time

Singapore based steelmaker NatSteel's board has announced officially that; the closing date of the mandatory conditional cash offer of the 98 Holdings Pte. Ltd., has been extended to 3.30 p.m. on January 10th, 2003. NatSteel board explained in its announcement that; the consent of the Securities Industry Council was sought for the extension of the closing date of the 98 Holdings offer in order to give shareholders sufficient time to enable them to reach an informed decision. The consent of the Securities Industry Council of Singapore was given on December 31st, 2002 for the requested extension. It is confirmed that no other changes whatsoever was made on the offer of the 98 Holdings, and the offer price remains at S$2.06 for each NatSteel share.