ARTICLE ENTITLED: "MBf Finance gets injunction to stop three companies from issuing new credit cards"
|MBF HOLDINGS BERHAD|
|Type||Reply to query|
|Reply to Query Letter by KLSE reference ID||ME-010119-53239|
"MBf Finance gets injunction to stop three companies from issuing new credit cards"
- MBfF will consent to the setting aside of the injunction against MBF Cards and AMBG.
- MBfF and MBF Cards have entered into a new Affiliation Agreement for MBfF to continue to provide a Line of Credit (LOC) to the existing MBF Cards' MasterCard members.
- As to the existing MBF MasterCard's members who have migrated their accounts to AMBG, efforts will be made to revert them back to their original LOC provider, MBfF.
Your letter dated 19 January 2001 on subject-captioned refers.
MBf Holdings Berhad would like to inform the Exchange that the parties namely MBf Finance Berhad [MBfF], MBF Cards (M'sia) Sdn Bhd [MBF Cards], Arab-Malaysian Finance Berhad and Arab-Malaysian Bank Berhad [collectively AMBG] have agreed to the following arrangement :-
For and on behalf of
MBf Holdings Berhad
Yap Boon Teck
Dated : 22 January 2001
Query Letter Contents :
We refer to the above article appearing on The Edge Online on Friday, 19
January 2001, 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:-
"MBf Finance Bhd has obtained an injunction to stop MBf Cards (M) Sdn Bhd,
Arab-Malaysian Finance Bhd and Arab-Malaysian Bank Bhd from renewing and
issuing new credit cards through Arab-Malaysian Finance until July 8."
"MBf Finance is also asking the three parties to revoke the notices that have
been sent out to cardholders inviting them to switch their outstanding balance
from MBf Finance to Arab-Malaysian Finance."
"It also wants MBf Cards to revoke the acceptances received from its
cardholders with regards to the switch until July 8, when the affiliation
agreement between MBf Finance and MBf Cards is terminated."
"A spokesperson from MBf Finance says the injunction was served to the three
parties early this morning."
"... it is learnt that the Arab-Malaysian group and MBf Cards will file a
motion to set aside the injunction soon."
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
Please furnish the Exchange with your reply within one (1) market day from the
Chong Fui Tzy
Manager, Listing Operations
cc:Securities Commission (via fax)
|Company Name||MBF HOLDINGS BERHAD|
|Date Announced||22 Jan 2001|