ARTICLE ENTITLED: "GENTING, RESORTS BUYBACK PLAN MAY REVEAL UNDERVALUED SHARES"
| RESORTS WORLD BERHAD |
| Type | Reply to query |
| Reply to Query Letter by KLSE reference ID | ZO-000414-66540 |
| Subject | ARTICLE ENTITLED: "GENTING, RESORTS BUYBACK PLAN MAY REVEAL UNDERVALUED SHARES" |
Contents :
We refer to the Exchange's query dated 14 April 2000 on the above article.
On behalf of the Board of Directors, Resorts World Bhd ("RWB") wishes to inform the Exchange that the Proposed Share Buy-Back as announced by RWB on 12 April 2000 is not related to any plan by RWB to increase its equity interest in Star Cruises PLC ("SCPLC"). In respect of the initial public offering plan by SCPLC on the Hong Kong market as quoted in the article, RWB wishes to state that this is a matter for the Board of Directors of SCPLC to decide. RWB will consider increasing its equity interest in SCPLC if RWB considers that the terms and conditions of an investment in SCPLC to be attractive.
For and on behalf of the Board of Directors
TUN MOHAMMED HANIF BIN OMAR
Deputy Chairman
RESORTS WORLD BHD
Query Letter Contents :
We refer to the above news article appearing in The Asian Wall Street Journal,
page 15, on Friday, 14 April 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:-
"... the share-buyback plan could be related to the possibility that Resorts
may soon raise its 27.5% stake in Star Cruises, ..."
"... Star Cruises is widely believed to be planning an initial public offering
on the Hong Kong market."
"... whether the Resorts stake in Star will actually rise over the medium term
after an IPO."
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/YYT/ZOOS
copy : Securities Commission
Announcement Info
| Company Name | RESORTS WORLD BERHAD |
| Stock Name | RESORTS |
| Date Announced | 17 Apr 2000 |
| Category | General Announcement |
| Reference No | RW-000417-EC00B |