ARTICLE ENTITLED: "Tai Wah plans to venture abroad"
| TAI WAH GARMENTS MANUFACTURING BERHAD |
| Type | Reply to query |
| Reply to Query Letter by KLSE reference ID | FM-001024-43256 |
| Subject | ARTICLE ENTITLED: "Tai Wah plans to venture abroad" |
Contents :
We refer to the KLSE letter dated 24 October 2000 regarding the above article appearing in The Star on Tuesday, 24 October 2000.
Tai Wah Garments Manufacturing Berhad had entered into an agreement with Ramatex Group in respect of the sale of its wholly owned subsidiary, Tai Wah Garments Industry Sdn Bhd. The agreement had lapsed on 31 January 2000 and after negotiations, both parties mutually agreed not to renew the said agreement and an announcement was made on 26 May 2000. Following the above both parties have reached an amicable settlement, which was announced on 15 September 2000.
It is normal practice for the Company to build on-going commercial relationship with its business associates and forge strategic alliances, where appropriate, within the garments industry. In this respect preliminary discussions were held with the Ramatex Group on possible strategic alliance for mutual benefit.
Further the Company wishes to confirm that it has projected a growth of 10% per annum in turnover (barring any unforeseen circumstances) for the financial year ended 30 April 2002, that is after completion of its proposed restructuring exercise.
Query Letter Contents :
We refer to the above article appearing in The Star, Business Section, page 5,
on Tuesday, 24 October 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:-
"...Tai Wah was keen to form a strategic alliance with Ramatex Bhd..."
"...it has projected a 10% growth in sales turnover for the year ended April
30, 2002..."
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
Chong Fui Tzy
Manager, Listing Operations
ASL/TFM
cc:Securities Commission
Announcement Info
| Company Name | TAI WAH GARMENTS MANUFACTURING BERHAD |
| Stock Name | TAIWAH |
| Date Announced | 25 Oct 2000 |
| Category | General Announcement |
| Reference No | TW-001025-56851 |