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We refer to the Exchange's letter dated 26 June 2002 on the following news article appearing on Bloomberg on Wednesday, 26 June 2002 :-
1. "Technology Resources Industries' (4189) decision to re-elect Chairman Tajudin Ramli and 4 other directors may be challenged by Telekom Nasional (4863)."
2. "...that Telekom and Employees Provident Fund who hold combined stake in excess of 50% were prevented from taking part at AGM today on technicality: expects today's decision to be declared illegal at EGM, due July 16. Such a decisive move would likely allow Telekom to avoid making general offer for TRI but get board representation."
Telekom Malaysia Berhad's ("TM") wishes to clarify as follows :-
(a) TM presently has direct and indirect interest in 31.25% of the share capital of TRI whilst based on the announcement by TRI to the KLSE on the changes in substantial shareholdings dated 10 June 2002, the Employees Provident Fund has direct and indirect interest of approximately 10.86% of the share capital of TRI as at 29 May 2002.
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TM is therefore unaware of the basis for the statement that TM and EPF hold a combined stake in excess of 50% of the share capital of TRI.
(b) TM in its media statement dated 26 June 2002 has made clear that it would take all necessary actions to protect its rights as a shareholder of TRI. TM is currently exploring various courses of actions to redress the actions of TRI.
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TM would also like to clarify that it has not made any decision regarding any actions which seek to declare "today's decision" illegal.
(c) As stated in TM's announcement dated 7 June 2002, TM's legal counsel opined that TM is not obliged to undertake a mandatory offer for TRI as a result of TM's proposal to change the composition of the Board of TRI.
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In addition, TM has highlighted on numerous occasions that it has no intention of avoiding any obligation to undertake a mandatory offer for TRI as a consequence of the merger of TM Cellular Sdn. Bhd. and Celcom (Malaysia) Berhad under TRI.