ARTICLED ENTITLED : "Hwang-DBS in talks to buy Amsteel Securities. Parties close to an accord, price to be slightly less than RM300 mill"
| AMSTEEL CORPORATION BERHAD |
Contents :
Reference is made to your letter dated 25 May 2000.
We would like to state for public announcement that the Company is negotiating with several parties (including Hwang-DBS (Malaysia) Sdn Bhd) on the merger or disposal of its Klang-based stockbroking business operated by Amsteel Securities (M) Sdn Bhd.
The Company will keep the Exchange informed of the further developments, if any, in relation to its compliance with SC's directive on the consolidation of the stockbroking industry.
Query Letter Contents :
We refer to the above news article appearing in The Sun, Sun Biz Section, page
1, on Thursday, 25 May 2000, 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:-
(1) "Negotiations are believed to be underway for Penang-based stockbroking
group Hwang-DBS (Malaysia) Bhd to buy Klang-based Amsteel Securities Sdn Bhd."
(2)
(3) "Hwang-DBS...will be paying slightly less than RM300 million for the entire
stake in Amsteel Securities from Amsteel Corporation Bhd."
This transaction, the sources said, is expected to be effected via a
part-cash and part-share package."
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 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 sentences 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
KUALA LUMPUR STOCK EXCHANGE
LISA LAM
Senior Manager, Listing Operations
LL/ASL/SW
c.c. Securities Commission
Announcement Info
| Company Name | AMSTEEL CORPORATION BERHAD |
| Stock Name | AMSTEEL |
| Date Announced | 26 May 2000 |
| Category | General Announcement |
| Reference No | AA-000526-59074 |