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We refer to your letter dated 8 February 2000 drawing our attention to the sharp decrease in price and high volume in the Company’s shares recently.
The announcement made to the Exchange on 27 January 2000 by our Merchant Banker, CIMB on the Restructuring exercise involving the Proposed Capital Reduction, Proposed Rights Issue, Proposed Restricted Issue, Proposed Debt Conversion, Proposed Employees’ Share Option Scheme is the latest development in the Company’s affair.
Apart from the above, we wish to advise the Exchange of the following :
1) there is no material development in the Company’s business and affairs not previously disclosed ;
2) there is no impending change in the major shareholders; and
3) the Company is not aware of any reasons that contributed to the unusual market activities in the Company’s shares.
Thank you.
Yours faithfully
INNOVEST BERHAD
DATIN LOO CHOOI TING
Executive Director
