04/21/2021 | Press release | Distributed by Public on 04/21/2021 20:23
TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RECURRENT RELATED PARTY TRANSACTIONS
|Description||Variation between mandated estimated value and actual value of recurrent related party transactions (RRPT)|
Reference is made to Sarawak Plantation Berhad's ('SPB') Circular to Shareholders dated 29 June 2020 ('the Circular') in relation to the proposed renewal of existing shareholders' mandate and proposed new shareholders' mandate for RRPT of a revenue or trading nature ('proposed mandate'). This proposed mandate was approved by the shareholders at the Annual General Meeting held on 29 July 2020.
SPB wishes to announce that the actual value of RRPT entered into by its subsidiary, Sarawak Plantation Agriculture Development Sdn. Bhd. ('SPAD') with its related party, Key Jaya Trading Sdn. Bhd. ('Key Jaya') had exceeded the estimated value by more than 10%. The details of the RRPT are as follows:
|Type of RRPT||Estimated Value as stated in the Circular (Estimated Value)||Actual Value transacted from 29 July 2020 to 20 April 2021||Variation between the Actual Value and the Estimated Value||Reasons for the Variation|
|Purchase of Diesel||RM1,911,000||RM2,197,000||RM286,000 or 14.97%||
1. The price per litre of diesel was higher compared to the estimated price per litre used to calculate the Estimated Value.
2. Due to operational requirements, the quantity of diesel purchased was also higher compared to the estimated quantity used to calculate the Estimated Value.
This announcement is dated 21 April 2021.
|Company Name||SARAWAK PLANTATION BERHAD|
|Date Announced||21 Apr 2021|
|Category||General Announcement for PLC|