General Announcement
01/10/2004ADVENTA BERHAD (ADVENTA or the Company) - Recurrent Related Party Transaction
| ADVENTA BERHAD |
|
Type | Announcement |
| Subject | ADVENTA BERHAD (ADVENTA or the Company) - Recurrent Related Party Transaction |
Contents :
1. Introduction
- Pursuant to paragraph 10.08(1) of the Listing Requirements of Bursa Malaysia Securities Berhad ( Listing Requirements ) and Practice Note 12/2001 of the Listing Requirements, the Board of Adventa wishes to announce that its wholly-owned subsidiary company, namely Terang Nusa Sdn. Bhd. ( TNSB ) had on 1 October, 2004 entered into a recurrent related party transaction with Loriteh Sdn. Bhd. ( Loriteh ) in respect of a Tenancy Agreement with Loriteh Sdn. Bhd having its registered address at No. 53, Jalan SS 15/4, Subang Jaya, 47500 Petaling Jaya, Selangor for the purpose of renting the premises known as PT 17503, Jalan Empat, Taman Selayang Baru Ind. Estate, 68100 Kuala Lumpur (hereinafter referred to as Recurrent Related Party Transaction ).
2. Details of the Recurrent Related Party Transaction
The Recurrent Related Party Transaction involves a period of tenancy of three (3) years commencing from 1 October, 2004 with the option to renew with renegotiated rent. The aggregate yearly rental to be incurred amounting to RM110,400/- .
The above Recurrent Related Party Transactions is determined on an arms length basis and on normal commercial terms which are not more favourable to the related parties than those generally made available to the public.
3. Rationale
- The Recurrent Related Party Transaction is necessary for the day-to-day operations of the Adventa Group.
4. Financial Effects
- The Recurrent Related Party Transactions does not have any material effect on the earnings per share and Net Tangible Assets per share of Adventa Group.
5. Directors and Substantial Shareholders Interest
- Mr. Low Chin Guan, being the Director of Adventa is also a substantial shareholder of Adventa and Loriteh.
Madam Wong Koon Mei @ Wong Kwan Mooi, being a substantial shareholder of Adventa and a person connected to Mr. Low Chin Guan, the mother to Mr. Low Chin Guan, is also a director and substantial shareholder of Loriteh.
Save as disclosed above, none of the directors and/or substantial shareholders or persons connected to them, have any interests, direct or indirect in the above Tenancy Agreement.
6. Statement by the Board of Directors
- The Board of Directors is of the opinion that the Tenancy Agreement entered into between TNSB and Loriteh is in the best interest of the Group.
7. Approvals Required
- The Recurrent Related Party Transaction is not subject to the approval of shareholders or any other relevant authorities.
Announcement Info
| Company Name | ADVENTA BERHAD |
| Stock Name | ADVENTA |
| Date Announced | 1 Oct 2004 |
| Category | General Announcement |
| Reference No | CS-041001-43834 |
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