News
Advance Synergy Berhad ("ASB") - Article Entitled : "UMG Surges On Rumours Of Insurance Business Injection"
BackAug 06, 2001
| General Announcement Reference No CU-010806-53435 |
| Submitting Merchant Bank | : | Not Applicable |
| Company Name | : | ADVANCE SYNERGY BERHAD |
| Stock Name | : | ASB |
| Date Announced | : | 06/08/2001 |
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| Type | : | Reply to query |
| Reply to Query Letter by KLSE reference ID | : | SW-010803-44180 |
| Subject | : | ADVANCE SYNERGY BERHAD ("ASB") - ARTICLE ENTITLED : "UMG SURGES ON RUMOURS OF INSURANCE BUSINESS INJECTION" |
Contents :
We refer to your letter dated 3 August 2001 in respect of the above news article appearing in Nanyang Siang Pau, Nanyang Business Section, page 2, on Friday, 3 August 2001 and in particular the sentence which states the following :-
"Hong Leong Group may acquire a controlling stake in United Merchant Group Berhad ("UMG") from Advance Synergy Berhad at RM3.50 per share, and will extend a general offer on UMG and subsequently inject Hong Leong Assurance Berhad into the company."
The Board of Directors of ASB ("the Board") has been made aware of this article on 3 August 2001 and upon due and diligent enquiry on this matter, the Board wishes to state that the above sentence is not true. The Board is not aware of any proposal from Hong Leong Group in regard to this matter.
As announced by UMG to the Exchange on 3 August 2001, UMG is presently focusing its efforts to comply with the requirements set out in Practice Note No. 10/2001 issued by the Exchange in respect of adequacy in the level of operations and the appropriate announcements to the Exchange with regard to this compliance will be made by UMG in due course.
(This announcement is dated 6 August 2001).
Query Letter content :
We refer to the above news article appearing in Nanyang Siang Pau, Nanyang
Business Section, page 2, on Friday, 3 August 2001, a copy of which is enclosed
for your reference.
In particular, we would like to draw your attention to the underlined sentence
which states that Hong Leong Group may acquire a controlling stake in United
Merchant Group Bhd (UMG) from Advance Synergy Berhad at RM3.50 per share, and
will extend a general offer on UMG and subsequently inject Hong Leong Assurance
Berhad 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 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
KLL/CS/SW
c.c. Securities Commission (via fax)