ARTICLE ENTITLED: "MBf Finance gets injunction to stop three companies from issuing new credit cards"
|AMMB HOLDINGS BERHAD|
|Type||Reply to query|
|Reply to Query Letter by KLSE reference ID||ME-010119-53053|
"MBf Finance gets injunction to stop three companies from issuing new credit cards"
Contents :We refer to your letter dated 19 January, 2001 in respect of the above article on The Edge Online on Friday, 19 January, 2001.
AMMB Holdings Berhad (“AHB”) wish to advise that an injunction was obtained by MBf Finance Berhad to restrain its two (2) banking subsidiaries, Arab-Malaysian Bank Berhad (“AMBB”) and Arab-Malaysian Finance Berhad (“AMFB”) from proceeding with the affiliation arrangement, which was entered into in AMBB’s and AMFB’s ordinary course of business, with MBF Cards (M’sia) Sdn Bhd (“MBF Cards”) to provide line of credit to holders of MasterCard credit cards issued by MBF Cards.
AHB wish to further advise that AMBB, AMFB and MBF Cards will be finalising a Settlement Agreement with MBf Finance Berhad whereby all parties will apply to the High Court on 23 January 2001 to mutually set aside the said injunction.
Query Letter Contents :
We refer to the above article appearing on The Edge Online on Friday, 19
January 2001, 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:-
"MBf Finance Bhd has obtained an injunction to stop MBf Cards (M) Sdn Bhd,
Arab-Malaysian Finance Bhd and Arab-Malaysian Bank Bhd from renewing and
issuing new credit cards through Arab-Malaysian Finance until July 8."
"MBf Finance is also asking the three parties to revoke the notices that have
been sent out to cardholders inviting them to switch their outstanding balance
from MBf Finance to Arab-Malaysian Finance."
"It also wants MBf Cards to revoke the acceptances received from its
cardholders with regards to the switch until July 8, when the affiliation
agreement between MBf Finance and MBf Cards is terminated."
"A spokesperson from MBf Finance says the injunction was served to the three
parties early this morning."
"... it is learnt that the Arab-Malaysian group and MBf Cards will file a
motion to set aside the injunction soon."
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 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 article, you are required to set forth facts sufficient to support the
Please furnish the Exchange with your reply within one (1) market day from the
Chong Fui Tzy
Manager, Listing Operations
cc:Securities Commission (via fax)
|Company Name||AMMB HOLDINGS BERHAD|
|Date Announced||22 Jan 2001|