Contents :
We refer to your letter (Your Ref:MN-031209-45394) dated 9 December 2003. As requested, we are pleased to set out the following additional information, definitions as per our announcement dated 8 December 2003 ("Announcement"), :-
(1) Apart from the liabilities in the books of Transwater Cooling assumed by the Purchaser, the Purchaser is also required to
(a) cause Transwater Cooling to pay the Inter-cos, as detailed in paragraph 4.6 of the Announcement;
(b) repay Transwater Technologies any amount to be recovered from the sale of stocks and doubtful debts as detailed in paragraph 4.7 of the Announcement; and
(c) to make the necessary arrangements to uplift the corporate guarantee provided by Hyundai-Berjaya as detailed in paragraph 4.8 of the Announcement.
(2) The Disposal is not subject to the approval of the shareholders of Hyundai-Berjaya; and
(3) The Board of Directors is of the opinion that the Disposal is in the best interest of the Group.
Query Letter Contents :
We refer to your Company's announcement dated 8 December 2003, in respect of
the aforesaid matter.
In this connection, kindly furnish the Exchange with the following additional
information for public release:-
1) Particulars of all liabilities to be assumed by Purchaser arising from the
Disposal;
2) Whether the Disposal is subject to the approval of shareholders; and
3) A statement by the board of directors stating whether the Disposal is in the
best interests of the Company, and where a director disagrees with such
statement, a statement by the director setting out the reasons and the factors
taken into consideration in forming that opinion.
Please furnish the Exchange with your reply within two (2) market days from the
date hereof.
Yours faithfully
TAN YEW ENG
Sector Head, Issues & Listing
TYE/LMN
copy to:- Securities Commission (via fax)