Dec 29, 2009 STRIKING OFF OF DORMANT SUBSIDIARY COMPANIES PURSUANT TO SECTION 308 OF THE COMPANIES ACT, 196

Contents : The Board of Directors of BIG wish to announce the following wholly-owned subsidiaries and associate companies are in the process of applying to strike off its name from the register of Companies Commission of Malaysia (“CCM”) pursuant to Section 308 of the Companies Act, 1965 : Wholly-owned subsidiaries 1. B.I.G. Ferry Services Sdn. Bhd. (“BIG Ferry”) 2. B.I.G. Offshore Services Sdn. Bhd. (“BIG Offshore”) 3. Matang Billion Sdn. Bhd. (“MB”) 4. Beta Billion Sdn. Bhd. (“BB”) Associate Companies 1. B.I.G. Kidurong Sdn. Bhd. (“BIG Kidurong”) 2. B.I.G. Samudra Sdn. Bhd. (“BIG Samudra”) Announcement Details :

The Board of Directors of BIG wish to announce the following wholly-owned subsidiaries and associated companies are in the process of applying to strike off its name from the register of Companies Commission of Malaysia (“CCM”) pursuant to Section 308 of the Companies Act, 1965 :

Wholly-owned subsidiaries
1. B.I.G. Ferry Services Sdn. Bhd. (“BIG Ferry”)
2. B.I.G. Offshore Services Sdn. Bhd. (“BIG Offshore”)
3. Matang Billion Sdn. Bhd. (“MB”)
4. Beta Billion Sdn. Bhd. (“BB”)

Associated Companies
1. B.I.G. Kidurong Sdn. Bhd. (“BIG Kidurong”)
2. B.I.G. Samudra Sdn. Bhd. (“BIG Samudra”)

Background Information

Background Information on BIG Ferry
BIG Ferry is a private limited company incorporated in Malaysia on 16 September 2002. It has an authorized share capital of RM100,000 comprising 100,000 shares of RM1.00 each and issued and paid-up share capital of RM10 comprising 10 ordinary shares of RM1.00 each. BIG Ferry has not commenced operation since the date of its incorporation

Background Information on BIG Offshore
BIG Offshore is a private limited company incorporated in Malaysia on 23 July 2004. It has an authorized share capital of RM100,000 comprising 100,000 shares of RM1.00 each and issued and paid-up share capital of RM2.00 comprising 2 ordinary shares of RM1.00 each. BIG Offshore has not commenced operation since the date of its incorporation.

Background Information on MB
MB is a private limited company incorporated in Malaysia on 19 January 2005. It has an authorized share capital of RM100,000 comprising 100,000 shares of RM1.00 each and issued and paid-up share capital of RM2.00 comprising 2 ordinary shares of RM1.00 each. BIG Offshore has not commenced operation since the date of its incorporation.

Background Information on BB
MB is a private limited company incorporated in Malaysia on 19 January 2005. It has an authorized share capital of RM100,000 comprising 100,000 shares of RM1.00 each and issued and paid-up share capital of RM2.00 comprising 2 ordinary shares of RM1.00 each. BB has not commenced operation since the date of its incorporation.
 
Background Information on BIG Kidurong
BIG Kidurong is a private limited company incorporated in Malaysia on 7 June 2004. It has an authorized share capital of RM100,000 comprising 100,000 shares of RM1.00 each and issued and paid-up share capital of RM100,000 comprising 100,000 ordinary shares of RM1.00 each. BIG Kidurong has not commenced operation since the date of its incorporation.

Background Information on BIG Samudra
BIG Kidurong is a private limited company incorporated in Malaysia on 26 February 2004. It has an authorized share capital of RM100,000 comprising 100,000 shares of RM1.00 each and issued and paid-up share capital of RM10.00 comprising 10 ordinary shares of RM1.00 each. BIG Samudra has not commenced operation since the date of its incorporation.

Rationale of the exercise
All the above subsidiaries have been inactive since the date of incorporation. These companies have no intention to commence any business activities in the future. Thus, the Directors view it in the best interest of the Group and proposed to strike-off the abovementioned companies to reduce cost, streamline and align entities within the Group and to create a leaner, efficient and flexible corporate structure.

Financial Effects
The proposed strike-off of all the above companies will not have any material effect on the share capital and shareholdings of the substantial shareholders, earnings and net assets per share of BIG for the financial year ending 31 December 2009

Approval
The proposed strike-off of dormant subsidiary companies is subject to the approval of Registrar of Companies.

Expected time of completion
Barring any unforeseen circumstances, the exercise is expected to be completed upon the receipt of the notification for strike-off from CCM whereupon further announcement will be made by the Company.

This announcement is dated 29 December 2009.