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We refer to the Company's announcement made on 25 January 2010 and the query letter from Bursa Malaysia Securities Berhad (“Bursa Securities”) to the Company on 26 January 2010 in relation to the aforesaid announcement of the Company with regard to the above matter, the Board of Directors of the Company wishes to inform as follows:
1) The date of the presentation of the Summons, as announced earlier, is on 25 January 2010.
2) YNHC, a wholly-owned subsidiary of the Company, is not considered as a major subsidiary of the Company pursuant to the definition in Chapter 1 of the Main Market Listing Requirements of Bursa Securities.
3) The total cost of investment by the Company in YNHC is RM30.0 million.
4) The Directors of the Company do not expect the Summons to have any adverse material impact on the financial results and operation of YNH Group.
5) As explained in item (4) above, the Directors of the Company do not expect any material losses arising from the Summons.
The Company, in consultation with its lawyer, is of the opinion that the additional tax provision should be discharged in full and as such, the Company will be entering its appearance to contest the claims.
This announcement is dated 26 January 2010. |
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