Posted by rozsham > 2012-03-21 12:57 | Report Abuse

Guys and gals, check this out. Type : Announcement Subject : OTHERS Description : KEY WEST GLOBAL TELECOMMUNICATIONS BERHAD ("KeyWest") - Reply to Query on the Article appearing in Business Times on 20 March 2012, entitled “Indonesian Tycoon Plans Reverse Takeover of KeyWest”, Announcement Details/Table Section : Reference is made to the following sentences stated in the Article appearing in Business Times on 20 March 2012, entitled “Indonesian Tycoon Plans Reverse Takeover of KeyWest” :- 1. Second paragraph “Business Times understands that KN Kenanga Berhad is helping to structure the deal in which Yanki and people aligned to him will initiate a reverse takeover of KeyWest. 2. Fifth paragraph "For the venture to take control of KeyWest, it is understood that Yanki is using PT Formasi Sumatera Energi as his vehicle." 3. Sixth paragraph "Formasi Sumatera, a special purpose vehicle, has rights to an Indonesian oil field with an estimated reserve of 50 million barrels of oil." 4. Ninth paragraph "KeyWest might issue some convertible bonds as part of the whole deal.” The Board of Directors of the Company (“the Board”) wishes to clarify that the Company is in discussion with PT Formasi Sumatera Energi to further venture its oil and gas businesses in Indonesia. However, as of to-date, the terms are yet to be finalised. The Board has no knowledge on the initiation of a reverse takeover of KeyWest by Mr. Yanki Regan and the people aligned to him. KeyWest has no knowledge of how the information or assumptions contained in the Article were obtained and is not aware of the contents of the Articles prior to its publication. This announcement is dated 20 March 2012. © 2012, Bursa Malaysia Berhad. All Rights Reserved.