BURSA ANNOUCEMENTS

Date : 06 November 2000

ARTICLE ENTITLED : "Talasco closing deal with Tenaga Insurance"

ASIAN PAC HOLDINGS BERHAD

TypeReply to query
Reply to Query Letter by KLSE reference IDME-001103-35311
SubjectARTICLE ENTITLED :
"Talasco closing deal with Tenaga Insurance"

Contents :

We refer to your letter dated 3 November 2000 on the above.


With regards to the article appearing in New Straits Times, Business, cover page on Friday, 3 November 2000, in particular the following sentences which are reproduced as follows: -

    "IDRIS Hydraulic (Malaysia) Bhd is expected to conclude a deal soon with Asian Pac Holdings Bhd for the acquisition of the latter’s insurance arm Tenaga Insurance (M) Bhd."

    "A source said Talasco will acquire the entire issued and paid-up share capital of KL-based Tenaga Insurance for about RM100 million."

    We wish to advise the Exchange that we were approached by Idris Hydraulic (Malaysia) Bhd ("Idris") on the possible acquisition/merger of our insurance arm, Tenaga Insurance Bhd. We have expressed our interest and in turn wrote to Bank Negara on 2 October 2000 to seek their approval to negotiate with Idris. As of todate, we have yet to receive approval from Bank Negara to proceed with such exercise.

    Query Letter Contents :

    We refer to the above article appearing in New Straits Times, Business, cover
    page on Friday, 3 November 2000, a copy of which is enclosed for your
    reference.
    In particular, we would like to draw your attention to the underlined
    sentences, which are reproduced as follows:-
    "IDRIS Hydraulic (Malaysia) Bhd is expected to conclude a deal soon with Asian
    Pac Holdings Bhd for the acquisition of the latter's insurance arm Tenaga
    Insurance (M) Bhd."
    "A source said Talasco will acquire the entire issued and paid-up share capital
    of KL-based Tenaga Insurance for about RM100 million."


    In accordance with the Exchange's Corporate Disclosure Policy, you are
    requested to furnish the Exchange with an announcement for public release
    confirming or denying the above reported article and in particular the
    underlined sentences after due and diligent enquiry with all the directors,
    substantial shareholders and all such other persons reasonably familiar with
    the matters about which the disclosure is to be made in this respect. In the
    event you deny the above sentences or any other part of the above article, you
    are required to set forth facts sufficient to clarify any misleading aspects of
    the same. In the event you confirm the above sentences or any other part of the
    above article, you are required to set forth facts sufficient to support the
    same.
    Please furnish the Exchange with your reply within one (1) market day from the
    date hereof.
    Yours faithfully
    KUALA LUMPUR STOCK EXCHANGE

    Chong Fui Tzy
    Manager, Listing Operations
    YYT/MEM
    cc:Securities Commission (via fax)



    Announcement Info

    Company NameASIAN PAC HOLDINGS BERHAD  
    Stock Name ASIAPAC    
    Date Announced6 Nov 2000  
    CategoryGeneral Announcement
    Reference NoAP-001106-7FD00