News
Article Entitled : "Facb To List Bedding Unit In Hong Kong, Expand Ops"
BackSep 25, 2007
We refer to the Bursa Malaysia Securities Berhad's letter dated 24 September 2007 in relation to the above article which appeared in the New Straits Times, BIZNEWS, page 40, on Monday, 24 September 2007 with particular reference to the following sentence:-"FACB Industries Inc Bhd, ... plans to raise more than RM100 million from the initial public offering of its bedding unit on the Hong Kong Stock Exchange (HKEx) to fund expansion."
The journalist of the Business Times has sought confirmation from the Company whether there is any listing plan explored by the Company on its bedding business during the press interview conducted with the key personnel. The Company clarified that there are various funding options currently being considered by the Company in order to expand its bedding business ventures in overseas market. One of the options is to list the business. In view of the proximity factor of the Company's business which has been long entrenched in China market since 1980, the natural choice of seeking equity funding from investors could be from Hong Kong Stock Exchange.
However, the expansion plan of our bedding division business is still in the preliminary stage as mentioned in the Business Times article dated 24 September 2007. In the event of any conclusive and final decision being made by the Board or any corporate advisory mandate has been signed with any financial advisor or intermediary on the expansion plan, we shall make the relevant announcement on a timely basis to the Bursa Malaysia Securities Berhad.
This announcement is dated 25 September 2007.
Query Letter content :
We refer to the above article appearing in the New Straits Times, BIZNEWS, page
40, on Monday, 24 September 2007, a copy of which is enclosed for your
reference.
In particular, we would like to draw your attention to the underlined sentence
which is reproduced as follows:-
"FACB Industries Inc Bhd, ... plans to raise more than RM100 million from the
initial public offering of its bedding unit on the Hong Kong Stock Exchange
(HKEx) to fund expansion."
In accordance with Bursa Securities' Corporate Disclosure Policy, you are
requested to 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.
Page 2/-
Please furnish Bursa Securities with your reply within one (1) market day from
the date hereof.
Yours faithfully
JOHAN ABDULLAH
Head
Listing Division
Group Regulations
CFT/LMN
cc: Mr. Chung Tin Fah, Securities Commission (via fax)