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The following reply is released on behalf of Mesiniaga Berhad ("Mesiniaga"):
QUOTE
We refer to the Kuala Lumpur Stock Exchange's ("Exchange") letter dated 22 November 1999 on the sharp increase in price and high volume in Mesiniaga's shares.
In accordance with Section 338 of the Listing Requirements on the Corporate Disclosure Policy on Response to Unusual Market Action, we wish to advise the Exchange that in so far as the Board of Directors are aware:
(i) there is no material development in the company's business and affairs which has not been previously disclosed;
(ii) there is no impending change in the major shareholders; and
(iii) to our knowledge, there is no reason to account for the unusual market action.
However, we wish to highlight to the Exchange that prior to the listing of Mesiniaga on 17 December 1999, Mesiniaga had, on 15 November 1999 entered into an agreement with e-Business Sdn Bhd to set up the country's first e-BX consolidator to provide full e-Commerce services in Malaysia. This was mentioned during the listing ceremony of Mesiniaga and was subsequently reported in the press coverage of Mesiniaga's listing.
Save as disclosed above, we declare that none of the listed situations/ events contributed to the unusual market action activities.
UNQUOTE