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We refer to your letter dated 24 February 2000, in respect of the above captioned matter.
We wish to advise that the Directors of the Company are in discussions to undertake certain corporate exercises which at this point of time have not been finalised. Upon successful finalisation and conclusion of the terms pertaining to the corporate exercises, an announcement to the Exchange will be made.
The Directors however, are not able to confirm whether the discussions have resulted in the increase in the price of the Company's shares recently.
Apart from the above, there is no material development in the Company's business and affairs not previously disclosed nor is there any impending change in the major shareholders, neither are we aware of any other reasons to account for the unusual market action.