General Announcement Reference No O&-051220-61223

Submitting Merchant Bank	:	K & N KENANGA BHD
Company Name	:	ASIAEP BHD (MESDAQ Market)
Stock Name	:	ASIAEP
Date Announced	:	20/12/2005

Type	:	Announcement
Subject	:	AsiaEP Berhad ("AsiaEP" or the "Company") PROPOSED ACQUISITION OF ASIAEP HONG KONG LIMITED (COMPANY NO. 1000198), A COMPANY INCORPORATED IN HONG KONG SAR ("PROPOSED ACQUISITION")

Contents :

Further to the announcement dated 18 November 2005, K&N Kenanga Berhad ("Kenanga"), on behalf of AsiaEP wishes to announce that the Proposed Acquisition was completed on 15 December 2005. Pursuant to the completion of the Proposed Acquisition, AsiaEP Hong Kong Limited is now a wholly-owned subsidiary company of AsiaEP.

This announcement is dated 20 December 2005.