General Announcement Reference No O&-060620-63902

Submitting Merchant Bank	:	K & N KENANGA BHD
Company Name	:	ASIAEP BHD (MESDAQ Market)
Stock Name	:	ASIAEP
Date Announced	:	20/06/2006

Type	:	Announcement
Subject	:	ASIAEP BHD ("ASIAEP" OR THE "COMPANY") RENOUNCEABLE RIGHTS ISSUE OF UP TO 82,777,778 NEW WARRANTS IN ASIAEP ("WARRANTS") AT AN ISSUE PRICE OF RM0.01 PER WARRANT, PAYABLE IN FULL UPON ACCEPTANCE, ON THE BASIS OF ONE (1) NEW WARRANT FOR EVERY THREE (3) EXISTING ORDINARY SHARES OF RM0.10 EACH HELD IN ASIAEP AT 5.00P.M ON 9 MAY 2006 ("RIGHTS ISSUE")

Contents :

K & N Kenanga Bhd, on behalf of the Board of Directors of AsiaEP, wishes to announce that in accordance with the Deed Poll constituting the Warrants dated 3 April 2006, the salient terms of the Warrants for the Rights Issue are set out in the attached Table 1.

This announcement is dated 20 June 2006.