Contents :

We refer to the letter from the KLSE dated 21 February 2000 with reference no. SW-000221-64528) with regards to the article appearing on The Edge on Monday, 21 February 2000 in which we are requested to confirm or deny or to clarify any misleading aspects of the reported sentences below:-

1. “Internet Technology Asia Ventures Sdn Bhd (“Asia Ventures”), a newly formed venture capital company that invests in internet start-ups, is making its first move with an acquisition of a 40% stake in AsiaDirect dotCom, sources say”

The Company wish to confirm that this is a true statement. An announcement has been made to the Kuala Lumpur Stock Exchange on 18 February 2000.

2. “Asia Ventures, a 70% owned subsidiary of plantation-based TH Group Berhad is expected to invest US$2 million (RM7.6 million) in the dot.com company as its first round of seed money”

The Company wish to confirm that this is a true statement. An announcement has been made to the Kuala Lumpur Stock Exchange on 18 February 2000.

3. “Sources close to the deal say Asia Ventures will commit a total of US$4 million (RM15.2 million) in Asia Direct. The balance of US$2 million will come only after Asia Direct launches in Singapore, Hong Kong, Taiwan and South Korea”

As announced, a further US$2 million will be invested in the project as key milestones are met over the next 6-12 months. The launches in the countries named above are in the business plan of AsiaDirect and could be varied in the future.

4. “Shareholders and strategic partners of Asia Direct are aiming for a listing of the company, possibly in Singapore, within the next 24 months”

As one of the proposed shareholder of AsiaDirect, it is the intention of ITAV as a venture capitalist to plan for a listing of AsiaDirect in the soonest permissible time frame. As the IPO planing is preliminary, it is yet to be decided which exchange AsiaDirect will be listed. Singapore is named only as a possible choice among others.

Query Letter Contents :

We refer to the above article appearing in The Edge, on Monday, 21 February
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:-
"Internet Technology Asia Ventures Sdn Bhd (Asia Ventures), a newly-formed
venture capital company that invests in Internet start-ups, is making its first
move with an acquisition of a 40 per cent stake in Asia Direct dotCom, sources
say."
"Asia Ventures -- a 70 per cent-owned subsidiary of plantation-based TH Group
Bhd -- is expected to invest US$2 million (RM7.6 million) in the dot.com
company as its first round of seed money."
"Sources close to the deal say Asia Ventures will commit a total of US$4
million (RM15.2 million) in Asia Direct. The balance of US$2 million will come
only after Asia Direct launches in Singapore, Hong Kong, Taiwan and South
Korea."
"Shareholders and strategic partners of Asia Direct are aiming for a listing of
the company, possibly in Singapore, within the next 24 months."

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 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 reported sentences,
you are required to set forth facts sufficient to clarify any misleading
aspects of the same. In the event you confirm the above reported sentences, 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

LISA LAM
Senior Manager, Listing Operations

SW
c.c. Securities Commision