TIDMIKK
RNS Number : 0908Q
Inch Kenneth Kajang Rubber
03 April 2009
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+---------+--------+--------------+
| Type | : | Announcement |
| | | |
+---------+--------+--------------+
| Subject | : | RECURRENT |
| | | RELATED |
| | | PARTY |
| | | TRANSACTIONS |
| | | OF A REVENUE |
| | | OR TRADING |
| | | NATURE |
| | | ('RRPT') |
+---------+--------+--------------+
Contents :
1. INTRODUCTION
Pursuant to Paragraph 10.09 and Practice Note 12/2001 of the Listing
Requirements of Bursa Malaysia Securities Berhad ('Bursa Securities'), the Board
of Directors of Inch Kenneth Kajang Rubber Public Limited Company ('IKKR')
wishes to announce that the Company had entered into RRPT with persons connected
to Directors and/or major shareholders of the Company ('Related Party').
2. DETAILS OF THE RRPT
The RRPTs, which are given below, when aggregated reached or exceeded 1% of the
relevant percentage ratios are :-
+-------------------------+-------------------------+-------------------------+
| Related Party | Nature of RRPT | Actual Transacted Value |
+-------------------------+-------------------------+-------------------------+
| Concrete Engineering | The sales of raw | Aggregate value |
| Products Berhad | materials consisting of | amounting to |
| ('Cepco') | S-Bond pre-stressed | RM7,568,336 |
| | concrete bars and steel | (GBP1,439,039) from |
| | end plates for the | September 2008 to |
| | production of | November 2008 |
| | pre-stressed spun piles | |
+-------------------------+-------------------------+-------------------------+
* Exchange rate GBP1 = RM5.2593
3.RATIONALE
The RRPTs are necessary in the day to day operations of IKKR
group of companies ('Group') through its wholly-owned subsidiary Urus Kemas Sdn
Bhd ('UKSB') and conducted in the ordinary course of business. The RRPTs are
undertaken on an arm's length basis, on commercial terms not more favourable to
the Related Party than those generally made available to the public and not
detrimental to the minority shareholders.
4. FINANCIAL EFFECTS
The RRPTs do not have any material financial effect on
the net assets, earnings per share, share capital and major shareholders'
shareholdings in the Group.
5. INTEREST OF DIRECTORS, MAJOR SHAREHOLDERS AND PERSONS CONNECTED TO
THEM
UKSB is a wholly-owned subsidiary of Prominent Mirage (M) Sdn Bhd, which
in turn is a wholly-owned subsidiary of IKKR. Cepco is a substantial shareholder
of IKKR, with 13.08% shareholding as at 31
December 2008. IKKR also has a shareholding in Cepco, with approximately 24.63%
shareholding as at 31 December 2008.
En. Abdul Khudus bin Mohd Naaim holds directorships in both IKKR and Cepco. He
is a Director nominated by IKKR and thus is deemed interested. As at the date of
this announcement, En. Abdul Khudus bin Mohd Naaim does not hold any shares in
IKKR or Cepco.
Save as disclosed above, none of the Directors and major shareholders, of
IKKR and/or persons connected to them, have any interest, direct or indirect, in
the above RRPTs, which may be regarded as a related party interest.
6. APPROVAL REQUIRED
The RRPTs detailed above are not subject to the approvals of the shareholders or
any regulatory authorities.
7. DIRECTORS' RECOMMENDATION
The Board of Directors of IKKR confirms that
the RRPTs are fair and reasonable and are not to the detriment of the Group or
its shareholders and are in the best interests of the Group.
This Announcement is dated 3 April 2009.
By order of the Board
LEE THAI THYE
Secretary
(LS 0000737)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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