Mytech Group Berhad (Malaysia)

Widetech (Malaysia) Bhd (WIDETEC) operates as an investment holding company. The principal activities of the subsidiaries are manufacture of precision springs, and provide financing services. The Group is undertaking a corporate restructuring exercise. On 28 Mar 2000, Widetech entered into two separate S&P agreements to dispose of its two subsidiaries, Wire Master Spring Sdn Bhd and EPA Automation Sdn Bhd. The S&P agreement concerning the disposal of EPA has been terminated. In Aug 2000, the Chairman of Widetech, Quah Chin Cheng undertook a management buy-out of the principal operating subsidiaries of Widetech. The Company proposed to acquire Chip Lam Seng Berhad (CLS), which is involved in the manufacture, process and trading of rubber and latex examination gloves. In addition, the Company intends to transfer its listing to the Main Board of the KLSE upon the completion of the proposed acquisition, proposed RM75m bond issue with attachable warrants and proposed increase in authorized share capital. The Company was incorporated in 1984 and is based in Kuala Lumpur.