Article entitled : "Setia Putrajaya identifies takeover target"
| KRAMAT TIN DREDGING BERHAD |
|
Type | Reply to query |
| Reply to Query Letter by KLSE reference ID | CY-030715-53109 |
| Subject | Article entitled : "Setia Putrajaya identifies takeover target" |
Contents :
We refer to the Exchange's query dated 15 July 2003 in relation to the article appearing in THE STAR, BizWeek on Saturday 12 July 2003.
We wish to inform the Exchange, that pursuant to the classification of Kramat Tin Dredging Berhad ("the Company") as a PN 10 company, the Company has been actively searching for a suitable new core business, the implementation of which will enable the Company to ensure a level of operations that is adequate to warrant continued trading and/or listing on the Official List. Preliminary discussions have been held with several prospective parties and at this juncture, the Company has not concluded negotiations with any party.
The Company will make the appropriate announcement for immediate public release to the Exchange should there be further progress.
This announcement is dated 16 July 2003.
Query Letter Contents :
We refer to the above news article appearing in the Star, BizWeek, page 4 on
Saturday, 12 July 2003, 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:-
(1) " ... talks between SP Setia and Putrajaya Holdings with Malaysia Mining
Corp Bhd, which owns 52.89 per cent stake in Kramat Tin Dredging are currently
ongoing."
(2) "The exercise, sources say, may involve Setia Putrajaya injecting a
property development project in the federal administrative capital of Putrajaya
valued at about RM110 million into Kramat Tin Dredging. Kramat Tin Dredging, in
return, will issue shares and irredeemable convertible unsecured loan stocks as
consideration for the injection of the assets by Setia Putrajaya, allowing the
latter to take control of the company."
(3) " ... MMC, if it secures the contract to develop the estimated RM125
million Mount Austin residential project in Johor, may decide to inject it into
Setia Putrajaya."
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,
major 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 reported 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 reported 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
LISA LAM
Senior Manager
Listing Operations
LL/WSW/CY
c.c. Securities Commission (via fax)
Announcement Info
| Company Name | KRAMAT TIN DREDGING BERHAD |
| Stock Name | KRAMAT |
| Date Announced | 16 Jul 2003 |
| Category | General Announcement |
| Reference No | KT-030716-66576 |
