Contents :

We refer to the Exchange's query letter dated 26 April 2000 in relation to the above article appearing in the Sunbiz section of The Sun on 26 April 2000 in particular to the following sentences :-

1. "Sapura Holdings Sdn Bhd may be teaming up with Hongkong based Hutchison Whampoa Limited- owned by property tycoon Li Ka Shing - to bid for stakes in TIME and its two subsidiaries".

2. "TIME is applying to extend the restraining order by another three months".

3. " high-level meetings have been held between senior executives of the Renong, TIME and Sapura Groups recently".

4. "A revised or new proposal is likely to be put forward by the Sapura-Hutchison Group to TIME and its two subsidiaries soon".

5. "the proposed STI-TIME deal may be in for a rough ride".

In response to the above, we wish to clarify the following :-

1. Sapura Holdings Sdn Bhd did not offer any bid either on its own or with Hutchison Whampoa Limited.

2. The discussions with the Sapura Group are centred on the Scheme Companies' application to the High Court for an extension of the restraining order for a further period of three (3) months from 28 April 2000.

TIME and its nine (9) subsidiaries (collectively referred to as "the Scheme Companies") have filed an application for an Order :-

a) for Court Convened Meeting pursuant to Section 176(1) of the Companies Act 1965 for the purpose of considering and, if thought fit, approving with or without modification the Schemes of Arrangement proposed to be made between the Scheme Companies and their respective classes of creditors; and

b) for an extension of the restraining order for a further period of three (3) months.

The application fixed for hearing on 25 April 2000 has been adjourned to 28 April 2000.

Query Letter Contents :

We refer to the above news article appearing in The Sun, Sun Biz, page 1, on
Wednesday, 26 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:-
"... Sapura Holdings Sdn Bhd may be teaming up with Hongkong-based Hutchison
Whampoa Ltd - owned by property tycoon Li Ka Shing - to bid for stakes in Time
and its two subsidiaries. "
"... Time is applying to extend the restraining order by another three months."
"... high-level meetings have been held between senior executives of the
Renong, Time and Sapura groups recently."
"A revised or new proposal is likely to be put forward by the Sapura-Hutchison
group to Time and its two subsidiaries soon."
"... the proposed STI-Time deal may be in for a rough ride."
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/ASL/ZOOS
c.c. Securities Commission