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Announcements

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

< BackJul 13, 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 dated 24 April 2019 ("the Circular") in relation to the proposal 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 (AGM) held on 23 May 2019.

SPB wishes to announce that the actual value of RRPT entered into by its subsidiary, Sarawak Plantation Agricutlure Development Sdn. Bhd. ("SPAD") with its related party, Ironhead Sdn. Bhd. ("Ironhead") has again exceeded the estimated value by more than 10% since the date of its last announcement on 6 July 2020. The details of the RRPT is as follows :

Type of RRPT

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

Actual Value transacted from 24 May 2019 to 4 July 2020 (as per 6 July 2020 announcement)

Actual Value transacted from 5 July 2020 to 11 July 2020 ("Actual Value")

Variation between Actual Value and Estimated Value

Reasons for the Variation

Provision of Equipments

RM500,000

RM659,000 or 31.80% above the Estimated Value

RM260,000

RM260,000 or 52% above the Estimated Value

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

2. Additional purchase of equipments to cater for the upcoming peak crop season.

This announcement is made on 13 July 2020.

Announcement Info

Company Name	SARAWAK PLANTATION BERHAD
Stock Name	SWKPLNT
Date Announced	13 Jul 2020
Category	General Announcement for PLC
Reference Number	GA1-13072020-00013