ARTICLE ENTITLED "PICA'S WASTE MANAGEMENT VENTURE"
| PICA (M) CORPORATION BERHAD |
| Type | Reply to query |
| Reply to Query Letter by KLSE reference ID | FM-000717-39806 |
| Subject | ARTICLE ENTITLED "PICA'S WASTE MANAGEMENT VENTURE" |
Contents :
We refer to your query letter dated 17 July 2000 (Ref: FM-000717-39806).The Board of Directors of Pica wishes to make the following announcement pertaining to the abovementioned article which appeared in The Business Times, Malaysia on Monday, 17 July 2000 to the KLSE for immedaite public release:-
"Pica was appointed as the financial advisor of Pacific Garbage Management Services S/B (PGMS) on 15 December 1999. PGMS is a company based in Sabah and has been awarded a ten-year renewable contract for waste and disposal management by the Sabah State Government for the municapality of Kota Kinabalu. Pica's appointment as advisor of PGMS is part of Pica's ordianry course of business in the provision of investment and financial advisory services, and which Pica has serious intentions to expand.
On the rumour that Pica might take up equity in PGMS, Pica has not as at the date hereof, subscribed for any shares in PGMS, but will consider doing so if an offer is made and the price is right."
Query Letter Contents :
We refer to the above article appearing in the Business Times, page 14, on
Monday, 17 July 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:-
"A company official said Pica might take up equity in a company that has been
awarded a waste
management project by the Sabah State Government."
"It is understood that Pica Corp has been appointed as corporate financial
adviser to the company
and is likely to invest about 5 per cent of its total turnover."
"The investment, according to the official, is "not substantial" as the company
expects to make a return
of only 5 percent from its total investment."
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/TFM
cc:Securities Commission
Announcement Info
| Company Name | PICA (M) CORPORATION BERHAD |
| Stock Name | PICA |
| Date Announced | 18 Jul 2000 |
| Category | General Announcement |
| Reference No | KK-000718-69086 |
