General Announcement

13/04/1999

O.S.K. HOLDINGS BERHAD("OSK") - Practice Note No. 1/98 - Year 2000("Y2K") Disclosure

O.S.K. HOLDINGS BERHAD

TypeAnnouncement
SubjectO.S.K. HOLDINGS BERHAD("OSK")
- Practice Note No. 1/98 - Year 2000("Y2K") Disclosure

Contents :

QUOTE


We refer to our announcements dated 25 June 1998 and 28 January 1999 pertaining to the above. Pursuant thereto, we are pleased to provide an update on the Y2K initiatives undertaken by OSK and its subsidiary companies ("the OSK Group").

The OSK Group has achieved significant progress in addressing the Y2K compliance requirement as almost all the systems are Y2K compliant. The details on the status of Y2K compliance for the various systems of the OSK Group are as follows:-

· All internal systems (critical and non-critical) for equity business operations and unit trust operations are already Y2K compliant. We have also successfully conducted an industry-wide testing with the KLSE, SCANS and MCD.

· All internal systems for Futures and Options operations are already Y2K compliant. However, testing of external systems with KLOFFE and MDCH and Back Office Systems (Rolf & Nolan) is currently in progress.

· All internal systems for other business operations are already Y2K compliant except for the General Ledger system of O.S.K. Realty Sdn Bhd and O.S.K. Properties Sdn Bhd. The OSK Group has decided to enhance the General Ledger system for these two companies to support the new functional requirements. The system is expected to be Y2K compliant by 30 June 1999.

· All non-IT related systems such as lift, air-conditioning, building security control system, fire-fighting system, PABX system etc have been confirmed to be Y2K compliant.

· All main computer hardware including the communication equipment have been confirmed and/or tested to be Y2K compliant.

· Contingency plan for the critical operations has been developed and testing of this contingency plan is in progress.

Not withstanding to the above, the OSK Group will continue to conduct system testing in various areas to minimise the risk of failure and to ensure that all systems are Y2K compliant.

UNQUOTE


Yours faithfully
O.S.K. HOLDINGS BERHAD




WONG CHONG KIM
Executive Director


c.c. Securities Commission
Attention : Mr Siow Kim Lun


Announcement Info

Company NameO.S.K. HOLDINGS BERHAD  
Stock Name OSK
Date Announced13 Apr 1999  
CategoryGeneral Announcement
Reference NoCU-990413-44951

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