Your query letter dated 2 January, 2001 on subject-matter refers.
In this connection, the Board of SAAG Corporation Berhad wish to clarify as to why the Company failed to make an immediate announcement on the setting up of two (2) companies namely Britac GSP Sdn Bhd and Britac Capital Sdn Bhd as follows:-
1. The incorporation date of the aforesaid companies were on 13 December, 2000. However, the certificates of Incorporation of the said companies were only received from the Registrar of Companies on 19 December, 2000. SAAG Corporation Berhad had taken immediate action to prepare the announcement on same for release to your esteemed Exchange.
We trust the above clarify your query and take this opportunity to apologise for any inconvenience caused.