ARTICLE ENTITLED : " Sitt Tatt may regain control for just RM1"
| SITT TATT BERHAD |
|
Type | Reply to query |
| Reply to Query Letter by KLSE reference ID | TH-030711-55606 |
| Subject | ARTICLE ENTITLED : " Sitt Tatt may regain control for just RM1" |
Contents :
We refer to the above Article which appeared in Business Times on Friday, 11 July 2003 which reports that :- " On termination , MISL will have to transfer all Sitt Tatt shares in its hand to an escrow account for RM1. It is likely that the shares will then be cancelled to return to shareholding structure to what it was before".
The aforesaid statements are incorrect and denied. Under Clause 9.2(d) of the Share Sale Agreement dated 10 September 2001, MISL is required to transfer the shares and Irredeemable Convertible Preference Shares ("ICPS") in question to such persons as the Company may determine and not to an escrow account . The question of cancellation of the said shares and ICPS does not arise at all.
The Article reports :- " Asked what will happen to the acquired companies .....Sitt Tatt will be able to keep them but may have to compensate MISL"
The statement that the Company will have to compensate MISL is denied. There is no basis for the alleged obligation to make compensation.
"...Sitt Tatt's merchant banker, Utama Merchant Bank, had resigned"
This statement is true.
Query Letter Contents :
We refer to the above news article appearing in Business Times, page 1, on
Friday, 11July 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:-
" On termination, MISL will have to transfer all Sitt Tatt shares in its hand
to an escrow account for RM1. It is likely that the shares will then be
cancelled to return to shareholding structure to what it was berfore. "
" Asked what will happen to the acquired companies ... Sitt Tatt will be able
to keep them but may have to compensate MISL. "
" ... Sitt Tatt's merchant banker, Utama Merchant Bank, had resigned."
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
matter 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/YYT/GTH
c.c. Securities Commission (via fax)
Announcement Info
| Company Name | SITT TATT BERHAD |
| Stock Name | SITATT |
| Date Announced | 14 Jul 2003 |
| Category | General Announcement |
| Reference No | ST-030714-64151 |
