General Announcement

Reference No CC-110304-60421

Company Name

:

IRE-TEX CORPORATION BERHAD

Stock Name

:

IRETEX

Date Announced

:

04/03/2011

Type

:

Reply to query

Reply to Bursa Malaysia's Query Letter - Reference ID

:

NE-110303-41016

Subject

:

Acquisition of 5% interest in Ire-Tex Corporation ("ITC") for a purchase consideration of USD110,115.46 ("Acquisition")

Description

:

Further to the announcement on 2 March 2011 and Bursa Malaysia Securities Berhad's letter dated 3 March 2011, Ire-Tex Corporation Berhad ("ITCB" or "the Company") provides additional information related to the Acquisition. Please refer to the attached file for details.

This announcement is dated 4 March 2011.

Query Letter
content

:

We refer to the Company's announcement dated 2 March 2011, in respect of the aforesaid matter.

In this connection, kindly furnish Bursa Malaysia Securities Berhad ("Bursa Securities") with the following additional information for public release:-

The directors and major shareholders of ITC;
The prospects of ITC;
Basis and justification in deriving at the purchase consideration of USD110,115.46 other than willing-buyer willing-seller basis, taking into consideration that the purchase consideration is higher than the applicable 5% audited net assets of ITC as at 31 December 2009;
To elaborate further on the "packaging materials" manufactured by ITC and its usage;
Gievn that the Acquisition only entail 5% interests in ITC, please elaborate further on how the Acquisition be deemed as a "strategic move" to establish and strengthen relationship within Ire-Tex network of companies globally;
The risks in relation to the Acquisition including the normal business risk associated with investment in ITC;
The elaboration on the applicable percentage ratio pursuant to Paragraph 10.02(g) of the Main Market Listing Requirements; and
Total amount transacted with the same related party i.e. Timothy Ian O'Hearn and persons connected to him for the preceeding 12 months.

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

Yours faithfully

HENG TECK HENG
Head, Issuers
Listing Division
Regulation

IJ/NAE

copy to:- General Manager & Head, Market Surveillance, Securities Commission (via fax)

Attachments

:

Iretex reply to query 2.pdf

Announcement Details/Table Section