BURSA ANNOUNCEMENTS
ARTICLE ENTITLED: "Amcorp to divest non-core assets"
| ARAB-MALAYSIAN CORPORATION BHD |
|
Type | Reply to query |
| Reply to Query Letter by KLSE reference ID | GK-030331-53365 |
| Subject | ARTICLE ENTITLED: "Amcorp to divest non-core assets" |
Contents :
As the effort to streamlining and consolidating all businesses within the Group continues, the Company intends to give more focus on its core activities, namely financial services and property development. In line with such approach, the Company has plans to divest its non-core assets in a structured manner and such assets include shares in Rediffusion Berhad, South Peninsular Industries Bhd and MCM Technologies Berhad.
Presently, the Company is not engaged in any active negotiations with any interested party on its stake in the above-mentioned companies and has not set any time line or target price for these intended disposals.
An announcement will be made if and when there are any developments.
Query Letter Contents :
We refer to the above news article appearing in The Star, StarBiz, News 5, on
Saturday, 29 March 2003, a copy of which is enclosed for your reference.
In particular, we would like to draw your attention to the underlined
sentences, which is reproduced as follows:-
"ARAB-MALAYSIAN Corp Bhd (Amcorp) plans to divest non-core assets to strengthen
its financial position and give more focus to its business as it attempts to
narrow the gap between its share price and revalued net asset backing of RM1.30
a share,..."
"Asked about the companies that Amcorp plans to sell, Soo said they included
its 42% stake in Rediffusion Malaysia Bhd, 55% stake in South Peninsular
Industries Bhd and its stake in Mesdaq-listed MCM Technologies Bhd."
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,
major 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
CHONG FUI TZY
Senior Manager
Listing Operations
HTH/WSW/GK
c.c. Securities Commission (via fax)
Announcement Info
| Company Name | ARAB-MALAYSIAN CORPORATION BHD |
| Stock Name | AMCORP |
| Date Announced | 1 Apr 2003 |
| Category | General Announcement |
| Reference No | CC-030401-B8982 |