Announcements
ARTICLE ENTITLED "ON AN ACQUISITION TRAIL - BUT IDRIS HYDRAULIC'S TRANSFORMATION INTO A MAJOR INSURANCE PLAYER MAY BE SLOW"
| PANGLOBAL BERHAD |
Contents :
We wish to refer to the letter dated 12 February 2001 from the Exchange in respect of the extract from an article entitled "ON AN ACQUISITION TRAIL - BUT IDRIS HYDRAULIC'S TRANSFORMATION INTO A MAJOR INSURANCE PLAYER MAY BE SLOW"" in The Edge, 12 February 2001 as follows:
"A recent news report on theedgedaily.com suggests that the answer could lie in Indris wanting to acquire PanGlobal Insurance from its parent."
The Board of Directors of PanGlobal Berhad ("the Company") wishes to inform the Exchange that the Directors have not received any proposal from Idris Hydraulic (M) Bhd to acquire the Company's subsidiary, PanGlobal Insurance Berhad. The Board is always looking at all possibilities in the light of Bank Negara Malaysia's call for insurance companies to merge. However, any proposal for merger would require the prior approval of Bank Negara Malaysia.
Query Letter Contents :
We refer to the above news article appearing in The Edge, page 14, on Monday,
12 February 2001, a copy of which is enclosed for your reference.
In particular, we would like to draw your attention to the underlined sentence
which is reproduced as follows:-
"A recent news report on theedgedaily.com suggests that the answer could lie
in Idris wanting to acquire PanGlobal Insurance from its parent."
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 sentence after due and diligent enquiry with all the directors,
substantial shareholders and all such other persons reasonably familiar with
the matters about which the disclosure is to be made in this respect. In the
event you deny the above sentence 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. In the event you confirm the above sentence or
any other part of the above reported article, you are required to set forth
facts sufficient to support the same.
Please furnish the Exchange with your reply within one (1) market day from the
date hereof.
Yours faithfully
CHONG FUI TZY
Manager, Listing Operations
YYT/HTH/TPL
c.c. Securities Commission (via fax)
Announcement Info
| Company Name | PANGLOBAL BERHAD |
| Stock Name | PGLOBAL |
| Date Announced | 13 Feb 2001 |
| Category | General Announcement |
| Reference No | PP-010212-66034 |