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22 Jan 2007

Malaysia Steel Works (KL) Bhd ("Masteel" or the "Company")
Article Entitled: "Firmer steel prices boon for Masteel"

Contents :

We refer to the query from Bursa Malaysia Securities Berhad on 22 January 2007 in relation to an article in The Star, STARBIZ, page B3, on Saturday, 20 January 2007.

Masteel wishes to clarify that the quoted statement ".....expects earnings to grow 10% to 15% this year....." was strictly management's expectations of growth based on the Company's internal budgeting targets as part of the Company's continuous business planning process, after having taken into consideration the anticipated increase in contributions from existing operations arising from the higher demand for steel products, as well as cost saving efficiency with the upgrading of new equipment coming on stream. Masteel also wish to clarify that the quoted statement was not intended to refer to any financial estimate, forecast or projection of Masteel Group, and have not been reviewed by Masteel's external auditors.





Query Letter content :
We refer to the above article appearing in The Star, STARBIZ, page B3, on
Saturday, 20 January 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:-
"... expects earnings to grow 10% to 15% this year ..."
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,
including the relevant basis and assumptions in arriving at the above forecast.
In this respect, you are required to confirm whether the accounting bases,
calculations and assumptions have been reviewed by the external auditors.



Page 2/-

Please furnish Bursa Securities with your reply within one (1) market day from
the date hereof.

Yours faithfully


CHONG FUI TZY
Head, Issuers
Listing Division
Group Regulations
HTH/LMN
Copy to: Encik Chung Tin Fah
Securities Commission (via fax)

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