General Announcement
Reference No O&-060419-59326
Submitting Merchant Bank:K & N KENANGA BHD
Company Name:REXIT BERHAD (MESDAQ Market)
Stock Name :REXIT
Date Announced:19/04/2006


Type:Announcement
Subject:REXIT BERHAD ("REXIT" OR "COMPANY")

(A) PROPOSED JOINT VENTURE BETWEEN REXIT AND PT SWADAYANUSA KENCANA RAHARJA ("PT SWADAYANUSA") TO FORM A JOINT VENTURE COMPANY, PT REXIT INDONESIA ("PT REXIT") TO UNDERTAKE THE BUSINESS OF FINANCIAL AND INSURANCE RELATED INFORMATION TECHNOLOGY SERVICES IN THE REPUBLIC OF INDONESIA ("PROPOSED JOINT VENTURE"); AND

(B) LETTER OF UNDERTAKING FROM PT ASURANSI SINAR MAS ("ASM") FOR THE OUTSOURCING OF ITS INFORMATION TECHNOLOGY ("IT") OPERATIONS TO PT REXIT INDONESIA

Contents :

1. INTRODUCTION
2. DETAILS OF THE PROPOSED JOINT VENTURE

3. RATIONALE FOR THE PROPOSED JOINT VENTURE4. RISK FACTORS5. POLICIES ON FOREIGN INVESTMENTS AND REPATRIATION OF PROFITS FROM INDONESIA AND ENFORCEABILITY OF THE JV AGREEMENT6. FINANCIAL EFFECTS6.1 Share Capital
6.2 Substantial Shareholders' Shareholdings
6.3 Earnings
6.4 Net Assets7. SOURCE OF FUNDS8. APPROVALS REQUIRED9. DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS


10. ESTIMATED TIME FRAME FOR COMPLETION
11. SPONSOR


12. DOCUMENTS FOR INSPECTION

This announcement is dated 19 April 2006.



2006, Bursa Malaysia Berhad. All Rights Reserved.