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

BackOct 24, 2014
Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RECURRENT RELATED PARTY TRANSACTIONS
Description Guinness Anchor Berhad (“GAB” or “the Company”)
- Proposed Shareholders’ Mandate for Recurrent Related Party Transactions of a Revenue or Trading Nature ("Proposed Shareholders' Mandate")

The Board of Directors of GAB wishes to announce that pursuant to Paragraph 10.09 of the Main Market Bursa Malaysia Securities Berhad Listing Requirements ("the Listing Requirements"), the Company will be seeking the approval of its shareholders for a Proposed Shareholders' Mandate at the forthcoming 50th Annual General Meeting ("AGM") of the Company to be convened.

The Company had, at its 49th AGM held on 21 November 2013, obtained a general mandate from its shareholders for the Company and its subsidiaries to enter into recurrent related party transactions. The authority conferred pursuant to the mandate will however lapse at the conclusion of the forthcoming 50th AGM unless authority for its renewal is obtained from the shareholders of the Company at the said AGM.

The Recurrent Related Party Transactions are necessary for the Company and its subsidiaries' day-to-day operations and they are carried out in the ordinary course of business based on normal commercial terms which are not more favourable to the related parties than those generally available to the public and are not detrimental to the minority shareholders of the Company.

A circular containing the details of the Proposed Shareholders' Mandate will be despatched to the Company's shareholders in due course.

This announcement is dated 24 October 2014.

 


Announcement Info

Company Name GUINNESS ANCHOR BERHAD  
Stock Name GAB    
Date Announced 24 Oct 2014  
Category General Announcement
Reference No GA-141010-41155