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The Company wishes to inform that after due enquiry, the Board is unable to determine the cause of the unusual market activity in the Company's securities.
The Company wishes to advise that it had made a recent announcement on 2 June 2003 that the Proposed Debt Restructuring and Proposed Rights Issue may not be viable and the Board is now exploring other alternatives in addressing its financial situation.
The Company further wishes to advise that other than the following forthcoming announcements, there have been no undisclosed developments in the Company:-
- The public announcement of the Financial Report for the Third Financial Quarter Ended 31 May 2003 which is due for release by end July 2003.
- The public announcement of a proposed scheme of arrangement to revive the Penang development project of the Company's 70% owned subsidiary, Bayan Bay Development Sdn Bhd ("BBDSB") and BBDSB's wholly-owned subsidiary, Bayan Marina Yacht Club Berhad. The Company had on 27 May 2003 announced that these two subsidiaries had been granted a restraining order pursuant to Section 176(10) of the Companies Act, 1965 for a period of 3 months commencing on 22 May 2003 to facilitate the regularisation of the proposed scheme of arrangement. The details of the proposed scheme of arrangement will be disclosed to the public in due course.
The Board is not aware whether the above recent announcement and undisclosed developments would have accounted for the unusual market activity.
Query Letter Contents :
We draw your attention to the high volume in your Company’s shares today.
In accordance with paragraph 9.11 of the Exchange’s Corporate Disclosure Policy
on Response To Unusual Market Activity, you are requested to furnish the
Exchange with an announcement for public release after a due enquiry seeking
the cause of the unusual market activity in the Company’s securities. When
considering your response and when making the required announcement, your
attention is particularly drawn to the continuing disclosure requirements set
out in Chapter 9 of the KLSE’s Listing Requirements.
The announcement is to reach the Exchange within one market day from the date
hereof via KLSE Listing Information Network ("KLSE Link").
Yours faithfully
CH'NG BOON HUAT
Vice President,
Financial Review & Surveillance
Listing Group
SH/tlk