FIBON TO SET UP 3 MORE SALES OFFICES OVERSEAS

KUALA LUMPUR, Nov 24 (Bernama) -- Fibon Bhd, a formulator of advanced composite materials and manufacturer of electrical insulators, plans to spend RM1.18 million (US$325,405) to set up three new sales offices overseas in three years.

Executive chairman Pang Chee Khiong said the company would start with an
office in Australia, to be set up within the next few months, followed by the
United Arab Emirates and then London, England.

"With worldwide concerns over higher safety standards, we believe now is
the right time for us to grow beyond our Southeast Asian market," he said at
Fibon's prospectus launch Monday.

Serving more than 15 countries and over 100 customers, the company is
confident that its range of insulation materials has good potential in the new
markets even with the current economic scenario.

En route to a listing on Bursa Malaysia (Malaysia Exchange)'s Mesdaq
Market, Fibon expects to raise RM9.14 million (US$2.5 million) in proceeds from
its public issue.

Pang said RM1.85 million (US$510,226) will be allocated for research and
development, RM2.41 million (US$664,642) for working capital, RM1.7 million
(US$468,830)to purchase machinery and RM1.18 million (US$496,409) for setting up
new offices.

Fibon's listing exercise involves a public issue of 3.347 million ordinary
shares of 10 sen each at an issue price of RM2.73 (US$0.75)per ordinary shares,
he said.

Of the 3.347 million shares, 308,000 shares will be offered to the public,
3.024 million shares for private placements and 15,000 for eligible
employees.

A bonus issue of 67.653 million new ordinary shares of 10 sen each for
every 4,486 existing ordinary shares of 10 sen each held in Fibon will also be
implemented after the public issue.

The company is expected to be listed on the Mesdaq Market by end of this
year, Pang said. (US$1=RM3.62)