(GRAPHIC)
    
    UNIT PERANCANG EKONOMIEconomic Planning UnitJABATAN PERDANA MENTERIPrime Ministers DepartmentBLOK B5 & B6
PUSAT PENTADBIRAN KERAJAAN PERSEKUTUAN 
62502 PUTRAJAYA
    
    (GRAPHIC)MALAYSIATelefon : 603-8888 3333Telefax : 603-888
 Ruj. Tuan:Your Ref.:
    
    TAS/YES/VM/CNEquity interestRuj. Kami:
    
    (3) dlm. UPE 3/1/14290Our Ref.:Tarikh:
    
    9 November 2007Date:
 50250 KUALA LUMPUR
  Cadangan Usahasama Di Antara Gladioli Enterprises Sdn. Bhd. Dengan Bau Mining Limited Di Dalam North Borneo Gold Sdn. Bhd.
 Foreign
Investment Committee 
 1.1
    
    Gladioli Enterprises Sdn. Bhd. (Gladioli), bercadang untuk mengadakan usahasama dengan Bau Mining Limited (BML) di dalam North Borneo Gold Sdn. Bhd. (North Borneo Gold)
masing-masing dengan nisbah pegangan 45:55 melalui pelangganan syer seperti berikut:-
 1.1.1
    
    pelangganan 55 peratus modal berbayar diperbesarkan North Borneo Gold mengandungi 53,350 syer biasa baru Kelas C
bernilai RM1.00 sesyer oleh BML pada harga RM53,350 secara tunai; dan1.1.2
    
    pelangganan 45 peratus modal berbayar diperbesarkan North Borneo Gold mengandungi 43,650 syer biasa baru Kelas A
bernilai RM1.00 sesyer oleh Gladioli pada harga RM43,650 secara tunai.
 1.2
    
    Akibat daripada cadangan usahasama di atas, North Borneo Gold akan dimiliki 45 peratus oleh Gladioli dan 55 peratus oleh BML. Modal berbayar North Borneo Gold akan meningkat daripada
RM3,000 kepada RM100,000 dan struktur ekuiti North Borneo Gold kekal dimiliki seperti berikut-




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2 Sebelum (%)
    
    Selepas (%)Bumiputera
    
    
    18.00
    
    
    
    18.00Agensi Kerajaan
    
    
    
    
    
    
    Bukan Bumiputera
    
    
    27.00
    
    
    
    27.00Asing
    
    
    55.00
    
    
    
    55.00Jumlah
    
    
    100.00
    
    
    
    100.00
 1.3
    
    Tujuan usahasama adalah untuk memulakan program eksplorasi
emas di Bau, Sarawak.
 tiada halangan
  Sekian, terima kasih.BERKHIDMAT UNTUK NEGARA
Saya yang menurut perintah,/s/ HASMAH ENOK(HASMAH ENOK)b.p. Setiausaha
Jawatankuasa Pelaburan Asing
Unit Perancang Ekonomi(Tel: 03-88882929 Fax: 03-88883917 email:hasmah@epu.gov.my)




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ENGLISH TRANSLATION
 
 50250 KUALA LUMPUR
  Joint Venture Proposal Between Gladioli Enterprises Sdn. Bhd. with Bau Mining Limited in North
Borneo Gold Sdn. Bhd.
  1.1
    
    Gladioli Enterprises Sdn. Bhd. (Gladioli), proposes to conduct a joint venture
with Bau Mining Limited (BML) in North Borneo Gold Sdn. Bhd. (North Borneo Gold)
respectively in a 45:55 holdings ratio vide share subscription as follows:-
 1.1.1
    
    the increased subscription of 55 percent paid-up capital of North Borneo Gold containing 53,350 new ordinary Class C shares valued at RM1.00 per share by
BML at a consideration of RM53,350 by cash; and1.1.2
    
    the increased subscription of 45 percent paid-up capital of North Borneo Gold containing 43,650 new ordinary Class A shares valued at RM1.00 per share by
Gladioli at a consideration of RM53,350 by cash.
 1.2
    
    As a result of the proposed joint venture above, North Borneo Gold will be owned 45 percent by Gladioli and 55 percent by BML. The paid-up capital of North Borneo Gold
will increase from RM3,000 to RMl00,000 and equity structure of North Borneo Gold is maintained as follows:-
 Before (%)
    
    After (%)Bumiputera
    
    
    18.00
    
    
    
    18.00Government Agency
    
    
    
    
    
    
    Non Bumiputera
    
    
    27.00
    
    
    
    27.00Foreign
    
    
    55.00
    
    
    
    55.00Total
    
    
    100.00
    
    
    
    100.00
 1.3
    
    The purpose of the joint venture is to commence a gold exploration
programme in Bau. Sarawak.
 has no objection




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SERVE THE NATION
  (HASMAH ENOK)     (Tel: 03-88882929 Fax: 03-88883917 email: hasmah@epu.gov. my)