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We refer to the Exchange's letter dated 18 January 2000 on the above.
In response to the Exchange's letter, we wish to inform you that the TIME telecommunication companies have embarked on a strong marketing campaign to increase their subscribers base. The increased media presence coupled with the re-evaluation of the TIME telecommunication companies by analysts may have contributed to the increased interest in the Company's shares.
As far as the restructuring exercise is concerned, Government decision on the bids recently made is still pending and whilst awaiting such decision, the Company is in discussions with the Corporate Debt Restructuring Committee ("CDRC") on an alternative fall-back strategy. Any restructuring strategy will contemplate a possible listing of the assets of the TIME telecommunication companies. No decision has however been made.
Thank you.
