Will tomorrow trigger a sell down in DRB hicom????
DRBHCOM - ARTICLES ENTITLED : "DRB-HICOM TO GO PRIVATE?" AND "DRB-HICOM MULLS LISTING OF DISTRIBUTION ARM"
Announcement Type: General Announcement
| Company Name | DRB-HICOM BERHAD |
| Stock Name | DRBHCOM |
| Date Announced | 10 Jan 2013 |
| Category | General Announcement |
| Reference No | DD-130110-BD0D7 |
| Type | Reply to query |
| Reply to Bursa Malaysia's Query Letter - Reference ID | IJ-130110-35733 |
| Subject | ARTICLES ENTITLED : "DRB-HICOM TO GO PRIVATE?" AND "DRB-HICOM MULLS LISTING OF DISTRIBUTION ARM" |
| Description | ARTICLES ENTITLED : "DRB-HICOM TO GO PRIVATE?" AND "DRB-HICOM MULLS LISTING OF DISTRIBUTION ARM" |
| Query Letter Contents | We refer to the following articles, copies of which are enclosed for your
reference:
(I) Article entitled "DRB-HICOM To Go Private?" appearing in the The New
Straits Times, Business Times Section, Page B1 on Thursday, 10 January 2013; and
(II) Article entitled "DRB-HICOM Mulls Listing of Distribution Arm" appearing
in The Edge Financial Daily, Page 4 on Thursday, 10 January 2013.
In particular, we would like to draw your attention to the underlined sentences
which are reproduced as follows:-
(I) Article entitled "DRB-Hicom To Go Private"
(i) "Tan Sri Syed Mokhtar AlBukhary may make a standalone offer to privatise
DRB-HICOM Bhd ..."
(ii) "... DRB-HICOM could be taken private for between RM3.50 and RM4 a share
..."
(II) Article entitled "DRB-HICOM Mulls Listing of Distribution Arm"
(i) "DRB-HICOM Bhd is working on a plan to list the merged Proton Edar and EON
Bhd ..."
(ii) "As part of the plan, DRB-HICOM itself might be delisted."
(iii) "DRB-HICOM's existing shareholders will be able to convert some of their
shares into the newly listed company. They will also be given cash of between
50 sen and RM1 per share ..."
In accordance with Bursa Securities' Corporate Disclosure Policy, kindly
furnish Bursa Securities with an announcement for public release confirming or
denying the above reported article in particular the underlined sentence after
due and diligent enquiry with all the directors, major 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
reported sentence or any other part of the article, you are required to set
forth facts sufficient to clarify any misleading aspects of the same. In the
event you confirm the above reported sentence or any other part of the article,
you are required to set forth facts sufficient to support the same.
Please furnish Bursa Securities with your reply today.
Yours faithfully
HENG TECK HENG
Head, Issuers
Listing Division
Regulation
HTH/IJ
c.c:- General Manager and Head, Market Surveillance, Securities Commission
(via fax) |
We refer to Bursa Malaysia Securities Berhad’s (“Bursa Malaysia”) query on even date regarding the articles appearing in The New Straits Times, Business Times Section and The Edge Financial Daily.After due inquiry with the Directors, substantial shareholders and management of DRB-HICOM, we wish to respond as follows:-(I) Article entitled “DRB-HICOM To Go Private?" - appearing in The New Straits Times, Business Times Section, Page B1 on Thursday, 10 January 2013(a) “Tan Sri Syed Mokhtar AlBukhary may make a standalone offer to privatise DRB-HICOM Bhd ……..”
(b) “……..DRB-HICOM could be taken private for between RM3.50 and RM4 a share……...”
Response:The Board of Directors and the Management of DRB-HICOM have not been approached or notified by Tan Sri Syed Mokhtar Albukhary of any privatization plan of DRB-HICOM. (II) Article entitled “DRB-HICOM Mulls Listing of Distribution Arm" – appearing in The Edge Financial Daily, Page 4 on Thursday, 10 January 2013(a) “DRB-HICOM Bhd is working on a plan to list the merged Proton Edar and EON Bhd….”
(b) “As part of the plan, DRB-HICOM itself might be delisted.”
(c) DRB-HICOM’s existing shareholders will be able to convert some of their shares into the newly listed company. They will also be given cash of between 50 sen and RM1 per share….”
Response:On 1 November 2012, DRB-HICOM announced the rationalisation exercise of the Proton Business between Proton Edar and EON Bhd. The listing of the Proton Distribution Business to unlock the values of the merged entity is one of the possible scenario. However, it was not part of the plan to de-list DRB-HICOM.
The proposal is still at very preliminary stage and the Company will make the relevant announcements in accordance with Bursa Malaysia Listing Requirements.
We are unaware of the purported proposal under item (II) (c).
This announcement is dated 10 January 2013.
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