News
Advance Synergy Berhad ("ASB") - Article Entitled : "Is UMG A Takeover Target?"
BackJun 26, 2001
| General Announcement Reference No AS-010626-63806 |
| Submitting Merchant Bank | : | Not Applicable |
| Company Name | : | ADVANCE SYNERGY BERHAD |
| Stock Name | : | ASB |
| Date Announced | : | 26/06/2001 |
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| Type | : | Reply to query |
| Reply to Query Letter by KLSE reference ID | : | SW-010625-58490 |
| Subject | : | ADVANCE SYNERGY BERHAD ("ASB") - ARTICLE ENTITLED : "IS UMG A TAKEOVER TARGET?" |
Contents :
We refer to your letter dated 25 June 2001 in respect of the above news article appearing in the website of The Edge, on Monday, 25 June 2001 and in particular the sentence which is reproduced below:-
"Talks have surfaced that Advance Synergy Berhad ("ASB"), which owns a 50.75% stake in UMG comprising 160 million shares, could be looking for a buyer for part of or its entire stake in the company."
We have been made aware of this article yesterday and upon due and diligent enquiry on this matter, we wish to state that the above sentence is not true. At this juncture, ASB is not looking for a buyer for part of or its entire stake in United Merchant Group Berhad ("UMG"). The Board of Directors of ASB believes that the recent active trading of UMG shares as stated in the article could be related to the previous announcements made by UMG and ASB with regard to the proposed return of surplus capital to shareholders by UMG and the approval of Bank Negara Malaysia on the proposed disposal of ASB's entire equity interest of 49% in ACE Synergy Insurance Berhad to UMG.
(This announcement is dated 26 June 2001.)
Query Letter content :
We refer to the above news article appearing in the website of The Edge, on
Monday, 25 June 2001, a copy of which is enclosed for your reference.
In particular, we would like to draw your attention to the underlined sentence,
which is reproduced as follows:-
"Talks have surfaced that Advance Synergy Bhd (ASB), which owns a 50.75 per
cent stake in UMG comprising 160 million shares, could be looking for a buyer
for part of or its entire stake in 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 reported article and in particular the
underlined sentence 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 sentence or any other part of the above article, you
are required to set forth facts sufficient to clarify any misleading aspects of
the same. In the event you confirm the above sentence or any other part of the
above 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
LISA LAM
Senior Manager, Listing Operations
LL/CS/SW
c.c. Securities Commission (via fax)