Contents :

The article implied that a two pronged exercise involving a capital repayment exercise and a subsequent sale of Naluri shares by Pengurusan Danaharta Nasional Bhd (“Danaharta”) would take place.

We wish to inform the KLSE that we (the Special Administrators of Naluri Berhad) are still in the process of evaluating various options to safeguard and enhance value to Naluri’s shareholders. No decision to undertake a capital repayment exercise has been taken by us. At the same time, we have sought clarification from Danaharta (who was mentioned in the article) and Danaharta as the chargee over a large block of Naluri’s shares, has confirmed to us that they are still in the process of deciding on the appropriate recovery strategy for the said shares. They too have not made a decision yet.

As such, the article appears to be based on market speculation.

Query Letter Contents :

We refer to the above news article appearing in The Sun, Business section, page
19, on Tuesday, 21 January 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:-
" ... Pengurusan Danaharta Nasional Bhd is working on a two-pronged strategy,
including a capital repayment exercise."
" ... the capital repayment could be about RM1.10 a share and would see
Danaharta recover the loans owed by Naluri chairman Tan Sri Tajudin Ramli."
" The second step was to dispose of the company, which will be more attractive
to buyers as Naluri will become a much cheaper entity after the capital
repayment exercise and has several prime property assets ... "
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
SeniorManager
Listing Operations
LL/WSW/GTH
c.c. Securities Commission (via fax)