ETI TECH looks to list abroad
Friday, 30 March 2007 08:00With reference to your letter dated March 20, 2007 (Ref: NS-070320-42842) on the news article appearing in The Star Starbiz, Page B12 on Tuesday, March 20, 2007, the Company wishes to elaborate and clarify that the said statement i.e. "ETI Tech Corporation Berhad plans to list its overseas assets either on the Hong Kong stock exchange or London's Alternative Investment Market (AIM), …" The Company is not discounting venturing abroad to capture the opportunities available globally rather than just concentrate in domestic market.
The Company affirms that there is a possibility to list its overseas operation via its foreign subsidiary in a foreign bourse as it may help fund its expansion abroad. However, such plan is still in its infancy as the Company needs to consider various factors such as the feasibility study on foreign listing, securing strategic partners, etc, as reported in paragraph 8 of the news article " Today, a lot of people are looking at AIM and the Hong Kong stock exchanges, so we can consider going there. We are looking at a couple of strategic partners but this is still at an early stage."
Referring to the statement i.e. "Revenue is also expected to double in current financial year ending August 2007 from RM32 mil a year ago.", the Board of ETICB wishes to clarify that it is based on internal annual target to be achieved by for ETICB and its subsidiaries (ETICB Group) for the financial year ending August 31, 2007. Barring unforeseen circumstances, the management expects the ETICB Group to achieve this target based on the expected increase in client base and orders from its existing customers.
We wish to clarify that the revenue growth targets are only an internal management expectation and should not be construed as sales forecast and have not been and will not be reviewed by the external auditors.
Query Letter content :
We refer to the above news article appearing in The Star, Starbiz, Page B12,
Tuesday, 20 March 2007, a copy of which is enclosed for your reference.
In particular, we would like to draw your attention to the underlined sentences
which are reproduced as follows:
"ETI Tech Corp Bhd plans to list its overseas assets either on the Hong Kong
stock exchange or London's Alternative Investment Market (AIM)..."
"Revenue is also expected to double in the current financial year ending August
2007 from RM32 mil a year ago."
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,
major shareholders and all such persons reasonably familiar with the matter
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, including the relevant basis and assumptions in arriving at
the above forecast.
Please furnish the Exchange with your reply within one (1) market day from the
Copy to: Securities Commission (via fax)