Contents :
We refer to your letters, both dated 31 May 2000 in respect of the above matter.
The Board of Directors of the Company have come into knowledge about the winding up petitions against its subsidiaries, namely Wang Corporation Sdn Bhd ("WCSB") and Man Yau Plastic Factory Sdn Bhd ("MPFSB") only on 29 May 2000. Hence , the announcement in respect thereof was made to the Exchange on 30 May 2000.
Please be informed that due to financial distress faced by the Company and the Group, there is no permanent support staff to oversee the daily administration and management of the Company and the Group. In such a situation, the flow of information between the Company and its subsidiaries is bound to be not smooth. This has resulted into late information about the affairs of the Company and the Group being received by the Directors.
The Board of Directors also wish to apologise for the delay in making the announcement on the above winding up petitions. The Directors shall endeavour to ensure compliance of the Listing Requirements in future.
Query Letter Contents :
We refer to your announcement dated 30 May 2000 in respect of the aforesaid
matter.
In this connection, kindly furnish the Exchange for public release the
reason(s) why your Company failed to make an immediate announcement when
Hightech Polymer Sdn Bhd served a winding-up petition on Man Yau Plastic
Factory Sdn Bhd on 12 May 2000.
Please furnish the Exchange with the announcement containing the aforesaid
information within one (1) market day from the date hereof.
Your faithfully
KUALA LUMPUR STOCK EXCHANGE
Tan Yew Eng
Senior Manager, Listing Operations
LPY/zm
c.c. Securities Commission
