Contents :
Reference is made to your letter dated 2 November 2000.
The Company would like to state for public announcement that under the group-wide restructuring scheme undertaken by Amsteel Corporation Berhad (a substantial shareholder of the Company), it is envisaged that the Company will become a wholly-owned subsidiary of Lion Land Berhad. Presently, there are no firm proposals (be it asset-stripping, asset-injection or otherwise) being reviewed by the Board of Directors.
If there are any developments, the Company will keep the Exchange informed.
Query Letter Contents :
We refer to the above news article appearing in The Sun, Sun Biz, Page 1, on
Thursday, 2 November 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 group's merchant banker is looking into several proposals to
enable Posim to retain its listing status."
" ...... such a move could entail asset stripping Posim and a subsequent
injection of new assets into the company. "
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 article and in particular the underlined
sentences after due and diligent enquiry with all the directors, substantial
shareholders and all such persons reasonably familiar with the matter 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
TAN YEW ENG
Senior Manager, Listing Operations
ASL/LMN
copy to:- Securities Commission (via fax)
