Contents :
We refer to the Exchange's queries in relation to the following news articles:-
1. Exchange's query letter dated 10 July 2000 on article entitled "France Telecom vies for TIME dotCom" appearing in the Sun, Sun Biz, page 1 on Monday 10 July 2000; and
2. Exchange's query letter dated 14 July 2000 on article entitled "More hard work ahead as TIME faces challenge to deliver" appearing in the Star, Business Section, page 3 on Friday 14 July 2000.
The Company has been talking with France Telecom, Cable & Wireless and NTL Corporation and a few other parties.
As these talks were very preliminary and exploratory in nature it was the Company's view that no announcement was required. The Company has had and continues to have discussions with several parties and does not consider it meaningful to make any announcement until such talks result in agreement being reached. As stated earlier, the Company will make an announcement at the appropriate time.
Query Letter Contents :
We refer to the above news article appearing in The Sun, Sun Biz, page 1, on
Monday, 10 July 2000, a copy of which is enclosed for your reference.
In particular, we would like to draw your attention to the underlined sentences
which are reproduced as follows:-
"Time Engineering Bhd ... is believed to be holdings talks with France Telecom
on the possibility of having the latter as a strategic partner."
"... the two parties have had negotiations for some time and chances are
'pretty good' that the two parties will tie up."
"As for the pricing for Time dotCom, one source said it is unlikely to be
substantially lower than SingTel's bid of RM3.30 a share."
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 sentences 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 sentences or any other part of the above reported
article, you are required to set forth facts sufficient to clarify any
misleading aspects of the same. In the event you confirm the above sentences or
any other part of the above reported 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
KUALA LUMPUR STOCK EXCHANGE
LISA LAM
Senior Manager, Listing Operations
LL/YYT/ZOOS
c.c. Securities Commission