Further to our announcement dated 17 July 2009 in respect of the Extension of Time for the Utilization of Proceeds raised from the IPO through its Public Issue, the Board of Directors of Sarawak Plantation Berhad ("SPB or the Company") is pleased to announce that only RM3.4 million of the proceeds raised from the IPO through its Public Issue remains unutilized as at to date. This RM3.4 million forms part of the plantation development expenditure under the heading of capital expenditure.

To recapitulate, the IPO exercise undertaken by the Company on 28 August 2007 raised a gross proceeds of RM90 million through its public issue.

The Company intends to extend further the time frame to fully utilize the remaining RM3.4 million from 31 March 2011 to 31 December 2011.

This announcement is dated 28 February 2011.