Investor Relations

Announcements

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

< BackJun 19, 2020

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 Transactions (RRPT)

Reference is made to Sarawak Plantation Berhad's ("SPB") Circular to Shareholders dated 24 April 2019 ("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"). The proposed mandate was approved by the shareholders at the Annual General Meeting ("AGM) held on 23 May 2019.

SPB wishes to announce that the actual value of RRPT entered into by its subsidiary, Sarawak Plantation Agriculture Development Sdn. Bhd. ("SPAD") wtih 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:

Type of RRPT

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

Actual Value transacted from 24 May 2019 to 15 June 2020 ("Actual Value")

Variation between Actual Value and Estimated Value

Reasons for the Variation

Purchase of Fresh Fruit Bunches ("FFB)

RM13,000,000

RM14,383,000

RM1,383,000 or 10.64%

1. The Estimated Value was for the period from 24 May 2019 to the date of the AGM intended to be held in May 2020 but was deferred because of the imposition of the Movement Control Order.

2. Increase in volume of FFB purchased from KUB.

This announcement is dated 19 June 2020.

Announcement Info

Company Name	SARAWAK PLANTATION BERHAD
Stock Name	SWKPLNT
Date Announced	19 Jun 2020
Category	General Announcement for PLC
Reference Number	GA1-19062020-00062