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We refer to the letter dated 9 October 2003 from Kuala Lumpur Stock Exchange ("the Exchange") in relation to the Company's application for an extension of time of six (6) months to comply with the public shareholding spread requirement pursuant to paragraph 8.15(1) of the Listing Requirements.
In relation thereto, the Board wishes to announce the following:-
i) the Exchange has granted the Company an extension of time for compliance with the public shareholding spread requirement;
ii) the extension of time has been granted for six (6) months from the date of the Company's application to the Exchange which was on 11 September 2003; and
iii) the extension of time shall expire on 10 March 2004.
In order to comply with the Paragraph 8.15 of the Listing Requirements, the Company vide announcement to the Exchange on 11 September 2003 had proposed to implement a corporate exercise on Bonus Issue and Employees' Share Option Scheme. The proposed corporate exercise would adjust the Company's share price, thus making the shares more affordable to a wider pool of investors. We hope this eventually would lead to meeting the public shareholding spread requirement.
The Company is currently in the midst of preparing for the corporate exercise to take place and had appointed an advisor for the said exercise. We are working closely with the advisor for the proposal to be submitted to the relevant authority for approval. The said corporate exercise is targeted to take place by the 1st quarter of 2004.
The Company is diligently monitoring the public shareholding spread requirement and where additionally required, would propose other corporate exercise towards the compliance of the public shareholding spread requirement as required by the Exchange.
This announcement is dated 9 October 2003.