The following is the announcement by Malaysian Pacific Industries Berhad made to KLSE regarding the

"PROPOSED AMENDMENTS AND THEREAFTER ADOPTION OF THE AMENDED AND RESTATED BYE-LAWS OF THE EMPLOYEE SHARE OPTION SCHEME ("ESOS BYE-LAWS") AND PROPOSED EXTENSION OF THE DURATION OF THE EMPLOYEE SHARE OPTION SCHEME FOR AN ADDITIONAL PERIOD OF 5 YEARS ("PROPOSALS")


We refer to the announcement dated 20 May 2002 pertaining to the approval of the Securities Commission ("SC") for the Proposals.

Commerce International Merchant Bankers Berhad, on behalf of MPI, hereby announces that the SC has vide its letter dated 18 October 2002 approved the application by MPI for waiver from complying with the condition requiring an additional provision stating that MPI shall not grant any share options or prime value options during the period when MPI has the intention or proposes to purchase its own shares, to be included in Clause 3.2 of the ESOS Bye-Laws of MPI.

The Proposals are now subject to approvals being obtained from the shareholders of MPI at an Extraordinary General Meeting to be convened and the approval of the existing Executive Share Option Scheme options holders.

This announcement is dated 23 October 2002.