ARTICLE ENTITLED "Building a new Bandar Raya"
| BANDAR RAYA DEVELOPMENTS BERHAD |
|
Type | Reply to query |
| Reply to Query Letter by KLSE reference ID | NM-030728-59070 |
| Subject | ARTICLE ENTITLED "Building a new Bandar Raya" |
Contents :
We refer to your letter dated 28 July 2003 with regard to the above news article appearing in The Edge, page 60, on Monday, 28 July 2003 and drawing our attention to the underlined sentence in the said article, reproduced as follows :-
"... share placement exercise.... it will probably not be done. It’s been extended but it is unlikely that we will do it."
We wish to inform the Exchange that based on recent feedback from fund managers who have expressed concern on the dilution of earnings on the enlarged share capital consequent to the share placement and also in view of other cheaper sources of funding now available to the Company to meet its funding requirements, Management is of the opinion that it will not be advisable for BRD to proceed with the proposed private placement exercise. Accordingly, Management has discussed this recommendation with certain members of the Board and the Chairman of the Board who is also a substantial shareholder of the Company. The Board members have agreed in principle to the Management’s recommendation. The Management’s recommendation will be tabled for endorsement by the Board of Directors at its next board meeting.
Copy to : Securities Commission
Query Letter Contents :
We refer to the above article appearing in The Edge, page 60, on Monday, 28
July 2003, a copy of which is enclosed for your reference.
In particular, we would like to draw your attention to the underlined sentence,
which is reproduced as follows:-
"...share placement exercise...It will probably not be done. It's been extended
but it is unlikely that we will do it."
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 sentence 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 sentence 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 sentence 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
WAN RAHIEL HJ WAN RAMLI
Assistant Manager
Listing Operations
WR/WSW/NMA Copy to: Securities Commission (via fax)
Announcement Info
| Company Name | BANDAR RAYA DEVELOPMENTS BERHAD |
| Stock Name | BRAYA |
| Date Announced | 29 Jul 2003 |
| Category | General Announcement |
| Reference No | BB-030729-62899 |
