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

Back Dec 26, 2014

Type


 Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RECURRENT RELATED PARTY TRANSACTIONS
Description Mandated Recurrent Related Party Transaction Which Exceeded 10% Of The Estimated Value

 

The Company had on 7 May 2014 obtained a mandate from its shareholders for Maxis Broadband Sdn Bhd ("MBSB") and Opcom Cables Sdn Bhd ("OCSB"), a related party, for the supply and delivery of fiber optic cables by OCSB to MBSB. This recurrent related party transaction (“RRPT”) was disclosed in the Company’s circular to shareholders in relation to (i) the proposed renewal of existing shareholders’ mandate for recurrent related party transactions of a revenue or trading nature; and (ii) the proposed new shareholders’ mandate for recurrent related party transactions of a revenue or trading nature dated 9 April 2014 ("Circular"). 

Pursuant to Paragraph 10.09(2)(e) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the board of directors of the Company wishes to announce that the actual transaction value of the RRPT has exceeded the estimated value by more than 10%, details of which are set out below:

 

Estimated value of the RRPT from 7 May 2014 to the next Annual General Meeting as disclosed in the Circular (RM)

Actual value of the RRPT transacted up to 24 December 2014 (RM)

 

Difference (in value  and in percent (%)) between Column 1 and Column 2

Estimated value of the RRPT to be transacted from 24 December 2014 to the next Annual General Meeting (RM)

Reasons for the difference

1,000,000.00

1,588,000.00

RM588,000 (58.8%)

647,000.00

The on-going projects that form part of Group’s operating plan have driven the increase in the requirement of these fiber optic cables.

  This announcement is dated 26 December 2014.

 

 

 

Announcement Info

Company Name MAXIS BERHAD  
Stock Name MAXIS    
Date Announced 26 Dec 2014  
Category General Announcement
Reference No MM-141226-38226