UNUSUAL MARKET ACTION
| NIKKO ELECTRONICS BHD. |
| Type | Reply to query |
| Reply to Query Letter by KLSE reference ID | KLSE/FRS/UMA.00/195 |
| Subject | UNUSUAL MARKET ACTION |
Contents :
1. As stated in the previous announcement to the Kuala Lumpur Stock Exchange ('KLSE") vide our letter dated 4th April, 2000, as part of Nikko Electronic Bhd’s (“Nikko”) on-going business development programme, Nikko together with its associates (which included Nikko Japan) are currently exploring the development and production of several Internet-related products.
- In this connection, Nikko is still in discussion on the testing of the completed working models with the potential contracting parties which include Maxwood Technology (Hong Kong), I-Jam Multimedia and Microsoft Corp of USA. Nikko is also currently in discussion with Inter-Con/PC, Inc. of USA on the possibility of manufacturing Set-Top Boxes, another internet-related product which has internet access and e-commerce capability, DVD/VCD capability as well as capability for games and downloading of games from the internet. Additionally, both Maxwood Technology (Hong Kong) and Inter-Con/PC, Inc. of USA have also recently visited Nikko’s manufacturing plants and are very pleased with Nikko’s production capability of several Internet-related products including products similar to the MP3 Walkman and Set-Top Boxes.
- Other than the above, there has been no material development in Nikko’s business and affairs and Nikko will make the appropriate announcement in due course to keep the KLSE and shareholders informed of any significant development on the same.
2. We are not aware of any impending change in the major shareholders of Nikko.
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Nikko Electronics Bhd.-2-
3. In relation to the sharp decrease in the price and high volume of Nikko shares, we believe that it is in line with the overall market conditions which are consistent with the general downward trend of world markets, especially those relating to internet / technology as evidenced from the severe correction experienced by Nasdaq and regional equity markets lately. Other than the above, we are not aware of any other reasons which may account for the unusual market action of Nikko shares.
Announcement Info
| Company Name | NIKKO ELECTRONICS BHD. |
| Stock Name | NIKKO |
| Date Announced | 18 Apr 2000 |
| Category | General Announcement |
| Reference No | CM-000418-56032 |