PHILEO ALLIED-POS MALAYSIA WILL CONTINUE TO PROVIDE POSTAL AND RELATED SERVICES

PHILEO ALLIED-POS MALAYSIA WILL CONTINUE TO PROVIDE POSTAL AND RELATED SERVICES
From BERNAMA, May 30th, 2001

KUALA LUMPUR, May 30 (Bernama) — Phileo Allied Bhd, which has proposed to acquire the entire equity interest in Pos Malaysia, said that the principal activity of Pos Malaysia after the acquisition, was to provide postal and related services. In a reply statement to the Kuala Lumpur Stock Exchange (KLSE), Phileo Allied said POS’ business competency was providing mail services and delivery of ordinary mail, registered mail, parcels and courier mail
(Poslaju). In a statement, Phileo Allied also outlined other aspects of Pos
Malaysia such as the responsibility for the collection, processing and
delivery of about 1.2 billion of mail items annually to some four million
addresses domestically. In addition POS offers a wide range of postal financial services across post office counters such as bill payments, fund transfers, licence renewal and sale of postal related stationery. Phileo Allied had earlier proposed to acquire the entire equity interest in Pos Malaysia presently comprising 98,232,002 shares of RM1.00 each from the Ministry of Finance Inc. for a purchase consideration of RM800 million.