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Announcements

Transactions (Chapter 10 Of Listing Requirements) : Recurrent Related Party Transactions

< BackMay 10, 2019

Type

Announcement

Subject

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RECURRENT RELATED PARTY TRANSACTIONS

Description

Variation between Mandated Estimated Value and Actual Value of Recurrent Related Party Transaction (RRPT)

Reference is made to Sarawak Plantation Berhad's ("the Company") Circular to Shareholders dated 25 April 2018 ("the Circular") in relation to the Proposed Renewal of Existing Shareholders' Mandate for RRPT of a Revenue or Trading Nature ("Proposed Mandate"). This Proposed Mandate was approved by the Company's shareholders at its Annual General Meeting held on 25 May 2018.

The Company 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, KUB Sepadu Sdn. Bhd. ("KUB") had exceeded the Estimated Value by more than 10%. The details of the RRPT are as follows :

Tyoe of RRPT

Estimated Value as stated in the Circular ("Estimated Value")

Actual Value transacted from 26.05.2018 to 30.04.2019 ("Actual Value")

Variation between Actual Value and Estimated Value

Reasons for the Variation

Purchase of Fresh Fruit Bunches (FFB)

RM3,000,000

RM3,967,393.25

RM967,393.25 or 32.2%

1. KUB diverted most of its FFB to SPAD's palm oil mill because better Oil Extraction Rate ("OER") was awarded.

2. Since April 2019, another of KUB's estate began to supply its FFB to SPAD's palm oil mill.

This announcement is dated 10 May 2019.

Announcement Info

Company Name	SARAWAK PLANTATION BERHAD
Stock Name	SWKPLNT
Date Announced	10 May 2019
Category	General Announcement for PLC
Reference Number	GA1-06052019-00067