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The Board of Directors and Management of Artwright Holdings Berhad have addressed the going concern issues of the Group. The Debt Restructuring Agreement had been duly signed with all financial institutions concerned on 6 September 2000.
The Group has also proposed a Bonus Issue, Rights Issue with Warrants, Irredeemable Convertible Unsecured Loan Stocks ("ICULS") and Executives' Share Option Scheme to ensure the continued growth of the Group's performance. Except for the ICULS issue, these proposals have been approved by the Securities Commission and all proposals have been approved by the shareholders of the Company at the Extraordinary General Meeting held on 22 December 2000.
Upon completion of the implementation of these proposals, the going concern issues of the Group would no longer be applicable and the Group would continue to grow further.
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We refer to your Company's Annual Report 2000.
In accordance with the Exchange's Listing Requirements, kindly furnish the
Exchange immediately with your detailed explanation on the qualification stated
in the Auditors' Report of your Annual Report 2000 for public release.
Yours faithfully
CHONG FUI TZY
Manager, Listing Operations
GK/