Contents :
We refer to the KLSE's query dated 13 October 2002 in relaton to the following statement appearing in the Star, BizWeek, page 10 on Saturday, 11 October 2003:-
"For the financial year ended December 2003, TRC expects turnover to be approximately RM250 million. Next year, turnover is expected to increase by RM100 million."
We write to confirm the above-mentioned statement and it is made on the basis and assumption that the following projects which were newly secured by the Company's wholly subsidiary, Trans Resources Corporation Sdn Bhd could contribute positively towards the Company's revenue for the current financial year and the year after:-
1) "Cadangan Permbinaan Ibupejabat Polis Daerah Dang wangi Kuala lumpur" which was announced to the Exchange on 3 October 2003;
2) "Construction and Completion of the Proposed Palm Oil Bulking Facilities for 2nd Inner Harbour, Bintulu Port" which was anounced to the Exchange on 22 September 2003;
3) "Construction and Completion of the Proposed 444 Units Condominium Apartments & 4 Units of Townhouse at Costal Highway, Sutera Harbour Resort Development, Kota Kinabalu, Sabah" which was announced to the Exchnge on 24 July 2003; and
4) "Cadangan Pembinaan Kompleks Penjara Baru Bentong, Pahang Darul Makmur" which was announced to the Exchange on 19 May 2003.
However, the above-mentioned turnover was made based on the Company's internal projection taking into account the above asumptions and they have not been reviewed by our external auditor.
This announcement is dated 13 October 2003.
Query Letter Contents :
We refer to the above article appearing in the Star, BizWeek, page 10 on
Saturday, 11 October 2003, 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:-
"For the financial year ended December 2003, TRC expects turnover to be
approximately RM250 million. Next year, turnover is expected to increase by
RM100 million."
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,
major 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, including the relevant basis and assumptions in arriving at the above
forecast. In this respect, you are also required to confirm whether the
accounting bases, calculations and assumptions have been reviewed by the
external auditors.
Please furnish the Exchange with your reply within one (1) market day from the
date hereof.
Yours faithfully
INDERJIT SINGH
Sector Head
Issues & Listing
CKM
Copy to : Securities Commission (via fax)