General Announcement Reference No O&-060120-64282

Submitting Merchant Bank	:	K & N KENANGA BHD
Company Name	:	ASIAEP BHD (MESDAQ Market)
Stock Name	:	ASIAEP
Date Announced	:	20/01/2006

Type	:	Announcement
Subject	:	AsiaEP Berhad ("AsiaEP" or the "Company") Utilisation of Listing Proceeds

Contents :

We refer to the Company's announcement dated 16 January 2006 in respect of the extension of time for the utilization of listing proceeds under "Investment in Foreign Countries" (the "Announcement").

In connection with the Announcement, we, K&N Kenanga Bhd, for and on behalf of the Company, is pleased to announce that the Securities Commission had vide its letter dated 20 January 2006, approved the Company's application for extension of time of up to nine (9) months from 15 January 2006 to 15 October 2006 to completely utilize the listing proceeds allocated for investments in foreign countries amounting to approximately RM1.8 million.

This announcement is dated 20 January 2006.