General Announcement Reference No O&-050722-60351

Submitting Merchant Bank	:	K & N KENANGA BHD
Company Name	:	ASIAEP BHD (MESDAQ Market)
Stock Name	:	ASIAEP
Date Announced	:	22/07/2005

Type	:	Announcement
Subject	:	AsiaEP Berhad ("AsiaEP" or the "Company") PROPOSED ACQUISITION AND SUBSCRIPTION OF UP TO APPROXIMATELY 80% IN THE ISSUED AND PAID-UP SHARE CAPITAL OF CIMTEK PTE LTD ("CIMTEK") ("PROPOSALS")

Contents :

We refer to the announcement dated 23 June 2005 by K&N Kenanga Bhd, on behalf of the Company, in respect of the revised timing of submission and the estimated time frame for completion of the Proposals. We hereby wish to advice that in view of further due diligence on Cimtek and its subsidiaries are still on-going as of to-date, the submission to the Securities Commission ("SC") is not envisaged to be made by 22 July 2005.

In view of the above, the submission to the SC in relation to the Proposals is expected to be made within two (2) months from 22 July 2005. The Proposals are estimated to be completed within three (3) months thereafter.

This announcement is dated 22 July 2005.