BURSA ANNOUNCEMENTS
ARTICLE ENTITLED : "TIME finalising 'AOL-TIME Warner' type deal"
| TIME ENGINEERING BERHAD |
| Type | Reply to query |
| Reply to Query Letter by KLSE reference ID | MM-000218-40726 |
| Subject | ARTICLE ENTITLED : "TIME finalising 'AOL-TIME Warner' type deal" |
Contents :
We refer to the Exchange's query dated 18 February 2000.
In response to the Exchange's query to the underlined sentences in the above article appearing in The Sun, Sun Biz Section, page 1 on Friday 18 February 2000, we wish to inform you that presently we are not aware of nor in discussions with New Straits Times Press Berhad ("NSTP'') and Sistem Televisyen Malaysia Berhad ("TV3") on the intention of forming an alliance. However, a telco-media-internet type alliance is consistent with the TIME Group's participation into internet and e-commerce related business.
With respect to the proposed joint venture between TIME dotCom Berhad and Pacific Internet Limited as announced to the Exchange on 17 February 2000, we wish to emphasise that both parties are currently discussing details pertaining to the joint venture company and we will make an appropriate announcement once the joint venture arrangement has been finalised.
Query Letter Contents :
We refer to the above article appearing in The Sun, Sun Biz Section, page 1, on
Friday, 18 February 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 Berhad...is believed to be tying up a telco-media-internet
alliance with New Straits Times Press Bhd (NSTP) and Sistem Televisyen Malaysia
Bhd (TV3)"
"The alliance is said to be fashioned along the lines of the mega AOL-Time
Warner merger."
"Sources said this 'cyberwork convergence' entails a merger of activities
among the three parties, and is expected to be sealed next week."
"The parties are still working on details of the joint venture company, the
sources added."
"It is understood that TIMEdotCom will have a 60% stake in the joint-venture
while the balance will be held by Pacific Internet. TimeDotCom and Pacific
Internet's interest is likely to be diluted down to 55% and 20% respectively
after the listing on Mesdaq. The balance will be in the hands of public."
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 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 reported sentences,
you are required to set forth facts sufficient to clarify any misleading
aspects of the same. In the event you confirm the above reported sentences, 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
SA/MZM
c.c. Securities Commission
Announcement Info
| Company Name | TIME ENGINEERING BERHAD |
| Stock Name | TIME |
| Date Announced | 22 Feb 2000 |
| Category | General Announcement |
| Reference No | TE-000221-34247 |