General Announcement
18/02/2003RECURRENT RELATED PARTY TRANSACTIONS OF REVENUE OR TRADING NATURE
| SARAWAK CONCRETE INDUSTRIES BERHAD |
|
Type | Announcement |
| Subject | RECURRENT RELATED PARTY TRANSACTIONS OF REVENUE OR TRADING NATURE |
Contents :
1. Pursuant to Paragraph 10.09 and Practice Note 12/2001 of the KLSE Listing Requirements, Sarawak Conrete Industries Berhad ("SCIB") wishes to announce on the following recurrent transactions of a revenue or trading nature between SCIB Group and companies, which are related to a Director and Major Shareholder of SCIB (hereinafter these companies are referred to as "Related Companies") :-
| Related Companies | Description of Transactions | Transactions Amount (RM) (from 01.02.2002 to 31.01.2003) |
| LCS Metal Works Sdn. Bhd. | Purchases of Joint Plates/Pile shoes | 477,207.50 |
| LCS Trading Co. Sdn. Bhd. | Purchases of Hardwares | 4,314.00 |
| LCS Metal Works Sdn. Bhd. | Purchases of Moulds | 26,338.00 |
| LCS Metal Works Sdn. Bhd. | Sales of Y16 Cut Bars | 15,725.00 |
2. The following Directors and Major Shareholder/Person Connected are interested in the Related Companies by virtue of their direct and indirect interests in these Related Companies :-
Interested Directors of SCIB and its Group of Companies, and Interested Major Shareholders of SCIB :- | Bodies Corporate Connected :- |
| Director and Major Shareholder of SCIB :- Haji Zainal Abidin bin Haji Ahmad (Held through AMMB Nominees (Tempatan) Sdn. Bhd. for Hydrostar Sdn. Bhd.) Director and Person Connected Haji Zaidi Bin Haji Ahmad (Brother to Haji Zaidi Abidin bin Haji Ahmad) | LCS Metal Works Sdn. Bhd.* LCS Trading Co. Sdn. Bhd.* Note: * These are subsidiaries of Zecon Engineering Berhad where Haji Zainal Abidin Bin Haji Ahmad is a major shareholder and director |
3. These related party transactions for the day-to-day operations of the SCIB Group are carried out in the normal course of business. The transaction prices are made on normal commercial terms and it is a policy of SCIB to enter into related party transactions when the prices are competitive with prices obtained from third parties.
4. Save as disclosed above, none of the other Directors, Major Shareholders or Persons Connected to them have any interest, direct or indirect in the recurrent party transactions.
5. The Board of Directors of SCIB is in the opinion that the above related party transaction is in the best interest of the Company.
Announcement Info
| Company Name | SARAWAK CONCRETE INDUSTRIES BERHAD |
| Stock Name | SCIB |
| Date Announced | 18 Feb 2003 |
| Category | General Announcement |
| Reference No | SS-030214-DEB14 |
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