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

BackAug 29, 2018
Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
Description

PROVISION OF FINANCIAL ASSISTANCE PURSUANT TO
PARAGRAPH 8.23(1)(ii) OF THE MAIN MARKET LISTING
REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD (MMLR)

1.       INTRODUCTION

Our announcement made on 17 October 2017 in relation to the provision of financial assistance in the form of corporate guarantee provided by Kumpulan Perangsang Selangor Berhad (“Perangsang Selangor” or the “Company”) of RM4,447,200.00 to Central Spectrum (M) Sdn Bhd (“CSSB”) in favour of KPS-HCM Sdn Bhd (“KPS-HCM”) in proportion to the 51% shareholding held by the Company in KPS-HCM in relation to the Contract (as disclosed below) awarded by CSSB to KPS-HCM vide CSSB’s letter of award dated 13 June 2017 (“Provision of Financial Assistance”) (“Announcement”) refers.

The contract awarded by CSSB to KPS-HCM is in relation to infrastructure works for the development of Phase 3C, Lot 74079, Pulau Indah Industrial Park, Pulau Indah, Mukim Klang, Daerah Klang, Selangor Darul Ehsan for a total contract sum of RM174,400,000 which is expected to be completed within 18 months commencing from 5 July 2017 to 5 January 2019 (“Contract”).

 

2.       QUARTERLY UPDATE ON PROVISION OF FINANCIAL ASSISTANCE

 

Pursuant to Paragraph 3.1 of Practice Note 11 of the MMLR, the Board of Directors of Perangsang Selangor wishes to update that the Provision of Financial Assistance as mentioned in Section 1 above remains unchanged during the quarterly reporting period from 1 April 2018 to 30 June 2018. Details of which are set out below:

Type of Financial Assistance

Amount of Corporate Guarantee (RM)

 

Purpose

Corporate Guarantee

4,447,200.00

The Provision of Financial Assistance is necessary to guarantee KPS-HCM’s own performance of the contractual obligations and to facilitate the works under the Contract which is in the ordinary course of business of KPS-HCM.

 

The Provision of Financial Assistance is not expected to have material impact on the earnings per share, net assets and gearing of Perangsang Selangor Group for the financial year ending 31 December 2018.

 

This announcement is dated 29 August 2018.





Announcement Info

Company Name KUMPULAN PERANGSANG SELANGOR BERHAD
Stock Name KPS
Date Announced 29 Aug 2018
Category General Announcement for PLC
Reference Number GA1-29082018-00081