Phoenician Corporation V - Temporary Suspension

PROPOSED MATERIAL TRANSACTION                        

SUSPENSION OF TRADING OF SHARES AND ENLARGEMENT OF FOCUS                           

The Company is pleased to announce that it is in discussions with Prime Investments Group Limited ("Prime"), a special purpose vehicle incorporated in the Cayman Islands regarding a possible reverse takeover of Prime by the Company (the "Proposed Transaction"). The Proposed Transaction would constitutea reverse takeover ("RTO") under the PLUS Rules for Issuers and hence the needfor a suspension. The Company will update the market with further particulars of the transaction as soon as possible.

The Company is in the process of conducting due diligence on Prime and its assets and no binding agreement has yet been entered into by the Company in relation to the Proposed Transaction.

The Directors of the Company have resolved to make this announcement in light of the fact that Prime proposes to raise funding (through means of a private placing) prior to the Proposed Transaction and will, as part of such fund raising, disclose the name of the Company, being the proposed acquirer under the terms of the Proposed Transaction.

Given this, in accordance with best practice and the regulatory guidance, the trading of the Company's shares is to be immediately suspended pending completion of the Proposed Transaction which is expected to take place in Quarter 1 of 2010.

Finally, in light of the Proposed Transaction, the Company wishes to re-state its overview to include investment opportunities, if deemed commercially appropriate, not only in the Eastern and Central Asia regions but also Western Asia, which includes the Middle East. The appropriate changes will be made to the PLUS records and website.

The directors of Phoenician Corporation V Limited take responsibility for this announcement.

Contact:

Jason Futko
Phoenician Corporation V Limited
7th Floor
Fairmount Building
Sheikh Zayed Road
PO Box 24459
Dubai, U.A.E.
T: 971 4312 4393
F: 971 4312 4394
M: 971 50 283 6533

Gerard Thompson & John May
City & Westminster Corporate Finance LLP
2nd Floor, Stanmore House
29-30 St James's St.
London SW1W 1HB
T: 020 7766 0080
F: 020 7839 5870
E: gthompson@city-westminster.com or jmay@city-westminster.com