Contents :
We refer to the Exchange's letter dated 16 May 2000 on the above matter.
In response to the Exchange's queries, we wish to state that CDRC is playing a pivotal role in working out the arrangements between Khazanah and TIME dotCom Berhad. TIME Engineering will be sourcing technological expertise for TIME dotCom jointly with Khazanah.
A definitive agreement for the acquisition is to be agreed. The definitive agreement will inter alia include provision for Khazanah to obtain Board positions reflective of its equity participation. Khazanah will also be given active participation in the Management of TIME dotCom.
As earlier announced, Khazanah has agreed to acquire up to 30% of the ultimate issued and paid up capital of TIME dotCom such agreement to be subject to the conduct of a due diligence and valuation exercise by Khazanah.
Query Letter Contents :
We refer to your announcement dated 15 May 2000 in respect of the aforesaid
matter.
In this connection, kindly furnish the Exchange with the following additional
information for public release:-
1. Details of any agreement entered into with Khazanah.
2. Details of the other terms of the Proposed Acquisition.
3. Brief particulars of the company with technological expertise under the
"strategic alliance".
Please furnish the Exchange with your reply within two (2) market days from the
date hereof.
Yours faithfully
KUALA LUMPUR STOCK EXCHANGE
Lisa Lam
Senior Manager, Listing Operations
LL/sma