Contents :

We refer to your query dated 12 March 2001.

In regard to the Memorandum of Understanding with the owners of Malaysia & Nippon Insurans Berhad, we are still negotiating and will revert upon approval of Bank Negara Malaysia ("BNM").

As for The People's Insurance Co (M) Bhd, EON CMG Life Sdn. Bhd. and PanGlobal Insurance Berhad, the approval of BNM has yet to be obtained.

Query Letter Contents :

We refer to the above articles appearing in The Sun, Sun Biz, page 2 and
TheEdge, page 12 , on Monday, 12 March 2001, 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:-
The Sun
"It is not clear whether the deal with Utusan Jutabina has lapsed or not. A
corporate source said
it would appear that the agreement with Utusan Jutabina has been aborted..."

TheEdge
"Sources also say the owners of Malaysia and Nippon Insurance Bhd are expected
to sign an MoU
with Idris soon."
"Others that have been targeted and are said to have the approval of the
authorities are The
People's Insurance Co (M) Bhd, EON-CMG Life Sdn Bhd and Pan Global Insurance."

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 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 sentences or any other part of the above article, you
are required to set forth facts sufficient to clarify any misleading aspects of
the same. In the event you confirm the above sentences or any other part of
the above 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
HTH/ASL/TFM
cc:Securities Commission