We refer to your letter dated 24 February 2000 regarding the sharp increase in price and high volume in Bright Packaging Industry Berhad's shares.
The Board of Directors had on 24 February 2000 announced through the KLSE Link that the Company had entered into a Conditional Agreement with Cybertowers Sdn Bhd to jointly develop an online automatic satellite tracking and locating system.
Save as disclosed above, I wish to advise on behalf of the Board that :
- There is no material development in the Company's business and affairs not previously disclosed.
- There is no impending change in major shareholders.
- We are not aware of any rumours or other conditions which could have contributed to the unusual market action.
- There are no situations / events listed under Section 334 of the Kuala Lumpur Stock Exchange's Listing Requirements which could have contributed to the unusual market activities in our Company's shares.