Contents :
INTRODUCTION
We wish to inform the Exchange that Telekom Malaysia Berhad ("Telekom") has acquired a wholly owned subsidiary in Hong Kong in the name of TM (Hong Kong) Limited under the Hong Kong Companies Ordinance (Chapter 32) on 5 December 2000.
DETAILS OF TM (HONG KONG) LIMITED
TM (Hong Kong) Limited ("TM HK") is a company limited by shares with an authorised capital of HK$10,000.00 divided into 10,000 ordinary shares of HK$1.00 each. Its issued and paid up capital is HK$2.00 divided into 2 ordinary shares of HK$1.00 each.
PURPOSE OF INCORPORATION
TM HK was incorporated to allow TM to provide telecommunication services and pursue telecommunication business and provide international facilities based on/or resale common carrier services in Hong Kong. It will be used to develop bilateral relations with all carriers and also serve as a gateway for business development activities. By positioning a gateway in Hong Kong, TM hope to leverage on a more speedy proximity to US related market trends and information.
FINANCIAL IMPACT
The said incorporation is not expected to have any immediate or material impact on the consolidated earnings of TM for the financial year ended 31 December 2000 and the consolidated net tangible assets per share of TM.
However, it is expected to enhance the operational synergies and future earnings of the Group.
DIRECTORS AND SUBSTANTIAL SHAREHOLDERS' INTEREST
In so far as the Directors of TM are aware, none of the Directors nor the substantial shareholders of TM have any interest, direct or indirect, in the abovesaid transaction.