Article: ASCAP gives reason for late disclosure


New Straits Times
04-01-2009
ASCAP gives reason for late disclosure
Edition: Main/Lifestyle
Section: Business Times
Type: Company

ADVANCE Synergy Capital Bhd (ASCAP) said it did not have to immediately announce a call option related to its insurance associate in February because it is contesting the claim.

The company took almost two months to tell investors that its American partner, ACE INA International Holdings Ltd, wanted to buy 49 per cent of ACE Synergy Insurance Bhd and fully own the insurer.
" ... the company disputes the existence of a valid call option agreement. The document containing the purported call option is not meant to be acted upon until the occurrence of certain ...

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