TIDMIKK
RNS Number : 3962S
Inch Kenneth Kajang Rubber
18 May 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(1) 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 RM1
million 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 | RM1,109,353 |
| | concrete bars and steel | (GBP206,537) from |
| | end plates for the | January 2009 to April |
| | production of | 2009 |
| | pre-stressed spun piles | |
| | | |
+-------------------------+-------------------------+-------------------------+
* Exchange rate GBP1 = RM5.3712
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 24 April 2009. IKKR also has a shareholding
in Cepco, with approximately 24.63% shareholding as at 24 April 2009.
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. Accordingly, he
shall abstain from voting on the resolution approving the transactions. 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 18 May 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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