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Date : 07 November 2003

Article Entitled :"Hai-O in tie-up with Sanjiu on machine dispensing of herbs"

HAI-O ENTERPRISE BERHAD

Type

Reply to query
Reply to Query Letter by KLSE reference IDMN-031106-36816
SubjectArticle Entitled :"Hai-O in tie-up with Sanjiu on machine dispensing of herbs"

Contents :

We refer to the letter from the Kuala Lumpur Stock Exchange dated 6 November 2003.

    After due and diligence enquiry with the directors, substantial shareholders and all such other persons reasonably familiar with the matter about which the disclosure is made, the Board of Directors wishes to inform the Exchange that the news article appearing in The News Straits Times, Business Times, Page B4, on Thursday, 6 November 2003 is partially incorrect.
    In connection to the query by the Kuala Lumpur Stock Exchange on the following sentences, the Board of Directors wishes to inform the Exchange that :-
    i) "Hai-O Enterprise Bhd has entered into an equal partnership with China's Sanjiu Enterprise Group...."
    The joint venture partner should read as "Chinese Medicine Chain International Ltd (CMCI)", a subsidiary of Shenzhen 999 Pharmaceutical Co. Ltd. The relevant announcement pertaining to this joint venture was made on 8 August 2003. The joint venture company under the name of Sanjiu Hai-O TCM (M) Sdn Bhd (JVC) has an authorized capital of RM500,000 divided into 500,000 ordinary shares of RM1.00 each. The present issued and paid-up share capital of the JVC is RM350,000 of which Hai-O and CMCI holds 50% or RM175,000 respectively.

    ii) "....... for the financial year ending April 2004, the Hai-O group expects to increase its turnover by 10 per cent."
    The estimated increase by 10 per cent in Group’s turnover is derived at after taking into consideration of the preliminary unaudited half year result ended 31 October 2003 with the assumption that there is no material development and changes in the company’s business and affairs in the near future. However, this estimation is subject to the external auditors’ review and confirmation.

Query Letter Contents :


We refer to the above news article appearing in The News Straits Times,
Business Times, Page B4, on Thursday, 6 November 2003, 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:-
" HAI-O Enterprise Bhd has entered into an equal partnership with China's
Sanjiu Enterprise Group ... "
" ... for the financial year ending April 2004, the Hai-O group expects to
increase its turnover by 10 per cent. "
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 article and in particular the underlined
sentences after due and diligent enquiry with all the directors, major
shareholders and all such persons reasonably familiar with the matter 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, including the relevant basis and assumptions in arriving at
the above forecast. In this respect, you are required to confirm whether the
accounting bases, calculations and assumptions have been reviewed by the
external auditors.


Page 2/-

Please furnish the Exchange with your reply within one (1) market day from the
date hereof.

Yours faithfully


TAN YEW ENG
Sector Head, Issues & Listing
TYE/LMN
copy to:- Securities Commission (via fax)


Announcement Info

Company NameHAI-O ENTERPRISE BERHAD  
Stock Name HAIO    
Date Announced7 Nov 2003  
CategoryGeneral Announcement
Reference NoCB-031107-55576

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