Article Entitled:"Reliance Pacific Sees 10% Revenue, Net Profit Growth"
BackSep 04, 2006
| General Announcement Reference No RP-060904-61854 |
| Company Name | : | RELIANCE PACIFIC BERHAD |
| Stock Name | : | RPB |
| Date Announced | : | 04/09/2006 |
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| Type | : | Reply to query |
| Reply to Bursa Malaysia's Query Letter -Reference ID | : | PY-060901-55738 |
| Subject | : | Article entitled:"Reliance Pacific sees 10% revenue, net profit growth" |
Contents :
We refer to your letter dated 01 September 2006.
We have carried out due and diligent enquiry with the directors, major shareholders and all such other persons reasonably familiar with the matters of the disclosure highlighted.
We seek to clarify the below points in the article.
1.0 Point 1 - " Reliance Pacific Berhad (RPB) expects a 10% growth in revenue and net profit for the financial year ending March 31, 2007… ."
Source: The Sun, Business News, page 17, (Friday, 1 September 2006)
1.1 We did not make the above statement in any official press release and neither did Mr Tan Sin Chong, Executive Director of Travel Division, Reliance Pacific Berhad, disclosed the above information to the Press after the Annual General Meeting held on the 29th August 2006.
1.3 The expected 10 per cent revenue growth is only in respect of Travel Division and not the RPB Group for financial year ending 31 March 2007.
2.0 Point 2 - "plan to dispose of its 445-room Avillion Sydney… ."
Source: The Sun, Business News, page 17, (Friday, 1 September 2006)
2.1 RPB made a General Announcement to Bursa Malaysia on the 28 October 2005 at 05:12:43 PM (Ref No : RP-051028-58875) in which we have informed that Reliance OSW (Nominees) Pty Limited, a subsidiary of RPB has expressed an interest to sell Avillion Hotel, Sydney.
3.0 Point 3 - "is estimated to be at AU$ 120 million… ."
Source: The Sun, Business News, page 17, (Friday, 1 September 2006)
3.1 RPB hopes to dispose Avillion Hotel Sydney at an estimated price of around AU$ 120 million. However, we did not mention that the above quoted price is the final price.
Thank you.
Query Letter content :
We refer to the above news article appearing in The Sun, Business News, Page
17, Friday, 1 September 2006, 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:-
"... Relaince Pacific Bhd (RPB) expects a 10% growth in revenue and net profit
for the financial year ending March 31, 2007..."
"...plan to dispose of its 445-room Avillion Sydney,..."
"...is estimated to be at AUS$120 million."
In accordance with Bursa Securities's Corporate Disclosure Policy, you are
requested to furnish BursaSecurities with an announcement for public release
confirming or denying the above article and in particular the underlined
sentences after due and diligent enquiry with all the directors, substantial
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. In this respect, you are also required to confirm whether
the accounting bases, calculations and assumptions have been reviewed by the
external auditors.
Please furnish the Exchange with your reply within one (1) market day from the
date hereof.
Yours faithfully
Tan Yew Eng
Head, Issuers
Listing Division
Group Regulations
LPY
c.c. Encik Chung Tin Fah, Securities Commission (via fax)
Bursa Announcement
