Kuala Lumpur, 27th July 2010 - Focus Point Holdings Berhad (“Focus Point” or the “Company”), Malaysia’s largest chain of professional eye care centres, had been notified by the regulatory authorities and its Principal Adviser, OSK Investment Bank Berhad (“OSK”) on the evening of Friday, 23 July 2010 that a letter from an unidentified source had been sent to the authorities on three (3) points of allegations, being:
(i) Some of the Company’s professional eye care centres do not have either a qualified optometrist or optician;
(ii) There are instances at some of the Company’s professional eye care centres whereby contact lenses are prescribed and/or dispensed by personnel who are not qualified to do so.
(iii) As stated in the Company’s Prospectus dated 30 June 2010, there are only 27 units of K-metres keratometers, compared to the number of professional eye care centres operated by the Focus Point group.
The Company had subsequently responded to the allegations on the morning of Monday, 26 July 2010. The following sets out the key points of the Company’s response:
As at the last practicable date of 1 June 2010 as stated in the Company’s Prospectus dated 30 June 2010, all the 144 professional eye care centres of the Focus Point group are adequately serviced by 152 optometrists and opticians.
All sales of contact lenses that require fresh prescriptions are carried out in the presence of a qualified optometrist or optician, who will provide the prescription. Contact lenses will only be prescribed or dispensed in Focus Point professional eye care centres which have either a qualified optician or optometrist.
All the professional eye care centres under the Focus Point group have all the necessary optical equipment required to carry on its operations.
The Board of Directors of the Company (“Board”) believes that the above allegations are adequately refuted and that the allegations were made with malicious intent to derail the Company’s listing plans and damage the Focus Point group’s business operations. In this regard, the Board wishes to assure the public that the group’s business operations are sound and that its fundamentals are intact.
The Company is currently awaiting the deliberations of the regulatory authorities pursuant to its response.
Kuala Lumpur, 27th July 2010 - Focus Point Holdings Berhad (“Focus Point” or the “Company”), the largest chain of professional eye care centres, said in an official statement today:-
1. The Company’s listing date has been deferred pending an announcement.
2. The Company wishes to apologise for any inconvenience caused and expects to provide further details in due course.
3. The Company wishes to inform the members of the public that business is as usual in Focus Point and all its outlets, and the deferment of the listing date has no impact on its business operations.
4. The Company is the largest chain of professional eye care centre in Malaysia with strong fundamentals and solid financial standing (as disclosed in its prospectus dated 30th June 2010).
5. The Company wishes to assure investors that all monies are currently securely held by both the Placement Agent, OSK Investment Bank Berhad, as well as Malaysian Issuing House Sdn. Bhd.
Statement issued by Focus Point Holdings Berhad dated 27th July 2010.