We refer to your letter of 22 August 2000.
We confirm that the Special Administrators of Woo Hing Brothers (Malaya) Berhad ( the " Company") have on behalf of the Company, entered into negotiations with Jiwa Ragam Sdn. Bhd with a view to restructuring the Company so as to settle and/or manage its debts. However, the parties have not reached any form of firm understanding on the matter and we are not in a position to confirm any particular aspect of the proposals set forth in the article of The Sun quoted in your letter aforesaid as the restucturing proposals have not been finalised.
We hope to reach some form of understanding in the near future with Jiwa Ragam Sdn. Bhd. whereupon further disclosures will be made at the appropriate point in time.
We hope our reply satisfactorily answers your queries and if you should have any other issues, please do not hesitate to
Heng Ji Keng/Kelvin Edward Flynn
The Special Administrators of
Woo Hing Brothers (Malaya) Berhad
Query Letter Contents :
We refer to the above article appearing in The Sun, Sun Biz, page 3 on 22
August 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:-
"Jiwa Ragam Sdn Bhd, the single-largest shareholder in financially-troubled Woo
Hing Brothers (Malaya) Bhd, is likely to remain the controlling party in the
watch retailing company after its debt-restructuring exercise."
" ..... an asset injection could probably come from Jiwa Ragam to resuscitate
Woo Hing, ......"
" ...... asset to be injected is likely to be a 150ha property project in
" ...... the proposed restructuring exercise, ........, is not expected to
touch on a capital reduction of the company."
" ....... creditors, ........ will be paid from the proceeds of a
capital-raising exercise, which could be in the form of loan stocks and
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
TAN YEW ENG
Senior Manager, Listing Operations
Copy : Securities Commission