15 May 2000
| Type | Reply to query |
| Reply to Query Letter by KLSE reference ID | ZO-000512-55534 |
| Subject | (i) ARTICLE IN BUSINESS TIMES ENTITLED : "NTT to be Time's strategic partner?" (ii) ARTICLE IN THE ASIAN WALL STREET JOURNAL ENTITLED : "Time Engineering Plans To Call Off SingTel Deal" |
We wish to inform the Exchange that the following underlined sentences which appeared on page 1 of the Business Times, and page 1 of The Asian Wall Street Journal on Friday, 12 May 2000 were based on market speculations and not official statements made by the Company :-
Business Times
"When contacted, a source close to NTT said : 'We have heard that Khazanah may be approaching NTT and the reason for the merging Telekom Malaysia and Time dotCom appears to be defence.'"
"...it (merger) would be a defensive action to prevent a company like SingTel from coming into the market to erode Telekom's market share..."
The Asian Wall Street Journal
"...Time...Malaysian bankers and business executives speculate that ...state controlled Telekom Malaysia Bhd could be tapped to rescue the company."
We wish to inform the Exchange that we have neither received any offer from Time to purchase its shares, nor carried out any discussions regarding the merger between Telekom Malaysia Bhd and Time dotCom.
In the circumstances, the Company is unable to make an announcement as requested by the Exchange.
We refer to the above news articles appearing in the Business Times, page 1 and
The Asian Wall Street Journal, page 1, both on Friday, 12 May 2000, a copy each
is enclosed for your reference.
In particular, we would like to draw your attention to the underlined
sentences, which are reproduced as follows:-
Business Times
" When contacted, a source close to NTT said: 'We have heard that Khazanah may
be approaching NTT and the reason for merging Telekom Malaysia and Time dotCom
appears to be defence.' "
"... it (merger) would be a defensive action to prevent a company like SingTel
from coming into the market to erode Telekom's market share ..."
The Asian Wall Street Journal
"... Time ... Malaysian bankers and business executives speculate that ...
state-controlled Telekom Malaysia Bhd. could be tapped to rescue the company."
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 article and in particular the
underlined 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 sentences or any other part of the above reported
article, you are required to set forth facts sufficient to clarify any
misleading aspects of the same. In the event you confirm the above sentences or
any other part of the above reported article, 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
LL/ASL/ZOOS
c.c. Securities Commission
| Company Name | TELEKOM MALAYSIA BERHAD |
| Stock Name | TELEKOM |
| Date Announced | 15 May 2000 |
| Category | General Announcement |
| Reference No | TM-000515-233E1 |