General Announcement

23/07/1999

YEAR 2000 (Y2K) DISCLOSURE BY PUBLIC LISTED COMPANIES

O.S.K. HOLDINGS BERHAD

TypeAnnouncement
SubjectYEAR 2000 (Y2K) DISCLOSURE BY PUBLIC LISTED COMPANIES

Contents :



1. Details of your company and subsidiaries' progress in relation to its activities to address the Y2K issue.

Y2K Ready X

Non Y2K


2. The impact of the Y2K issue if your company and/or subsidiaries fail to be Y2K Ready or are unable to achieve full readiness by the estimated date(s) mentioned above.

      No impact

Yes X
      O.S.K. Holdings Berhad and its subsidiaries (OSK Group) is fully aware of the implication of the Y2K problem and has taken all reasonable and necessary steps to protect business from being materially and adversely affected by the Y2K issues. As we are now Y2K compliant, we do not foresee OSK Groups future financial position and operational activities be significantly affected by the Y2K problem.


3. The exposure of your company and/or subsidiaries to third parties who have material business relationships with your company or subsidiaries in relation to the third parties' Y2K readiness.

No exposure

Yes X

OSK Groups third party exposure mainly arises from the system interfaces with the various exchange related entities (namely KLSE, SCANS, MCD, COMMEX, KLOFFE, MDCH, Hong Kong Stock Exchange and Hong Kong Futures Exchange). These entities have confirmed that measures have been taken to ensure their systems are Y2K ready.


4. The total cost your company and subsidiaries have incurred or is expected to incur to address the Y2K issue.
      OSK Group has incurred approximately RM1 million to address the Y2K issue. This expenditure has no material impact on the Groups financial position and liquidity.


5. Describe your company and subsidiaries' contingency plans in relation to the Y2K issue to ensure continued operations.

No contingency plans

Yes X
      Despite the thoroughness of our Y2K preparation, we are cognisant that we are unable to control systems outside our immediate environment and that Y2K related disruption are possible. Based on the assessment of risks that are associated with each application system and business functions, OSK Group has developed and will continue to update the contingency plan in order to mitigate the Y2K risks. The contingency plan has been focused on the following areas: -

      a) Back office system to support securities operations, which include payments and receipts, credit control, operations, clearings and settlements with the KLSE;

      b) Front line securities trading systems for O.S.K. Securities Berhad and OSK Asia Securities Limited. As the trading systems are provided by the exchanges, the contingency plan will be developed in line with the contingency plan put up by the exchanges;

      c) Unit trust system operations; and

      d) Futures & Options front-end trading, clearings and back office system operations.

Announcement Info

Company NameO.S.K. HOLDINGS BERHAD  
Stock Name OSK
Date Announced23 Jul 1999  
CategoryGeneral Announcement
Reference NoOH-990723-56389

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