Date : 12 April 2000

ARTICLE ENTITLED "LAM SOON FEUD SETTLED OUT OF COURT"

HAP SENG CONSOLIDATED BERHAD

TypeReply to query
Reply to Query Letter by KLSE reference IDHH-000411-40333
SubjectARTICLE ENTITLED "LAM SOON FEUD SETTLED OUT OF COURT"

Contents :

We refer to your query letter of 11 April 2000 on the above captioned.


Hap Seng Consolidated Berhad ["the Company"] has acquired 15% equity in T.C.Whang & Co. on 3 August 2000 and the same was announced to the Kuala Lumpur Stock Exchange [“KLSE”] on 4 August 1999. T.C.Whang & Co is presently a substantial shareholder of Lam Soon Cannery Pte. Ltd. ["LSC"] which was valued at S$80 million.

Mr. Whang Tar Liang, being the other substantial shareholder of LCS has commenced legal suits in the Singapore Courts petitioning for LSC to be wound up on just and equitable grounds. The said petition was supposed to have been heard on 28 March, 2000. However, the parties thereto are in the process of arriving at an amicable solution to the matter.

The parties are presently working out the terms of a settlement which is yet to be finalised. As such, we are unable to comment on the terms of the proposed settlement at this juncture. However, we shall make the necessary announcement as soon as the terms of settlement are finalised.



c c: Securities Commission

Query Letter Contents :

We refer to the above news article appearing in The Business Times, Singapore,
on Tuesday, 11 April 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:-
"However, the court case in the Kuala Lumpur High Court on the use of the
various Lam Soon brands in Malaysia, including "Knife" (for vegetable oils) and
"Orchid" (for toiletries), is to continue but with the right to litigate being
vested on Tar Choung and his Malaysian partner, Hap Seng Consolidated Bhd.
Previously, both parties had sued one another for the right to the brands."
"The main winner of the dispute appears to be Tar Choung's Malaysian ally, Hap
Seng Consolidated Bhd, a listed Malaysian oil palm plantation group which has
an indirect stake in Lam Soon Cannery through the purchase of a substantial
stake in Lam Soon's Thai operations and Tar Choung's family holding company, TC
Whang & Co (Pte) Ltd."
"Hap Seng is said to have valued the 53 per cent stake at $85 million and will
now walk away with substantially more than what it had paid for its share in
the group."
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 article and in particular the
underlined sentences after due and diligent enquiry with all the directors,
substantial shareholders and all such persons reasonably familiar with the
matters about which the disclosure is to be made in this respect. In the event
you confirm the above sentences or any other part of the above reported
article, you are required to set forth facts sufficient to support the same. In
the event you deny the above sentences or any other part of the above reported
article, you are required to set forth facts sufficient to clarify any
misleading aspects of 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
YYT/LL/HH
c.c Securities Commission



Announcement Info

Company NameHAP SENG CONSOLIDATED BERHAD  
Stock Name HAPSENG    
Date Announced12 Apr 2000  
CategoryGeneral Announcement
Reference NoHS-000412-64783