Contents :
To : Senior Vice President
Listing Operation
UNUSUAL MARKET ACTION
Pursuant to the KLSE query dated 25 January 2000 and our earlier announcement today regarding the sharp increase in price of our company's shares. The Board of Director would like to inform that
1) There isn't any material development in our company's business and affairs not previously disclosed.
2) The major shareholders of the company are currently engaged in negotiation with Asia Internet Holding (AIH) pursuant to joint-venture participation in high technology and internet based companies with a possible change in shareholding of the company.
3) In our knowledge, there is no other reasons to account for the unusual market action except for the following:
Pursuant to section 335 of the KLSE's Listing Requirements, the Board of Director is not aware of any price sensitive information, which will impact on the listed market price behaviour of Dai-Ichi Industries Berhad save for :-
The Board of Directors is still in the midst of finalising a ' corporate and debt restructuring exercise'proposal, which will include the right issues to the shareholders and special issues to the Bumiputra Investors. The exercise will be announced as soon as terms are finalised.
The major shareholders of the company is going to enter into a conditional agreement with SALOMON (M) SDN BHD ("Salomon") with regards to subscription of certain renounced rights shares. A special purpose vehicle incorporated by Salomon namely Formula Korporat Sdn. Bhd. will subscribe for a pre-determined number of rights issue shares renounced by identified shareholders.
The major shareholders of the company are also currently engaged in negotiation with Asia Internet Holding ( AIH ) pursuant to joint-venture participation in high technology and internet based companies with a possible change in shareholding of the company. An announcement will be made as soon as terms of the agreement are finalized.