SOUTHERN STEEL TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RECURRENT RELATED PARTY TRANSACTIONS Deviation between the actual transacted value and mandate value by 10% or more
SOUTHERN STEEL BERHAD
Type
Subject
Description
Announcement
TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) RECURRENT RELATED PARTY TRANSACTIONS
Deviation between the actual transacted value and mandate value by 10% or more
Reference is made to the announcement dated 24 September 2021.
Southern Steel Berhad ("SSB") writes to inform that the aggregate value of the following recurrent related party transactions of a revenue or trading nature ("RRPTs") between SSB Group and parties involving the interests of certain related parties of SSB (namely Mr Kwek Leng Beng, Mr Kwek Leng Kee and person(s) connected with them), that were approved by the shareholders of the Company at the Company's 58th Annual General Meeting held on 23 November 2020 ("AGM"), has further exceeded the estimated value of the said RRPTs as disclosed in the Circular to Shareholders dated 30 October 2020 ("Circular") by more than 10%.
Details are as follows:
Estimated value of | Actual value of | |||
the RRPTs as | the RRPTs | |||
disclosed in the | ||||
transacted, from | ||||
Circular | ||||
Vendor/ | Purchaser/ | AGM up to 20 | ||
Provider | Recipient | ("Estimated | October 2021 | |
(As defined in | (As defined in | Value") | ("Actual Value") | |
(RM' 000) | ||||
Transactions | the Circular) | the Circular) | (RM' 000) | |
Purchase of | Hong Bee | SSB Group | 500 | 0 |
quicklime | Hardware Group | |||
Sale of steel | SSB Group | Hong Bee | 60,000 | 75,600 |
products | Hardware Group | |||
Sale of steel | SSB Group | HLIH Group | 1,000 | 415 |
products | ||||
Total | 61,500 | 76,015 | ||
Actual Value of the RRPTs announced on 24 | 68,903 | |||
September 2021 ("Actual Value on 24 September | ||||
2021") | ||||
Difference (in value and percentage) for the variation between the Actual Value and the Estimated Value (RM' 000)
-500
15,600
-585
14,515
(23.60%)
7,112 | |
Increment from Actual Value on 24 September 2021 | (11.56% of the |
total Estimated Value)
Reason | Increase in selling prices and volume |
This announcement is dated 20 October 2021.
Announcement Info
Company Name | SOUTHERN STEEL BERHAD |
Stock Name | SSTEEL |
Date Announced | 20 Oct 2021 |
Category | General Announcement for PLC |
Reference Number | GA1-20102021-00078 |
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Disclaimer
Southern Steel Bhd published this content on 20 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 October 2021 10:50:04 UTC.
