General Announcement for PLC

20/10/2021

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 Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RECURRENT RELATED PARTY TRANSACTIONS
Description 
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:

 

 

 

 

 

Transactions

 

 

Vendor/ Provider

(As defined in the Circular)

 

 

Purchaser/ Recipient

(As defined in the Circular)

Estimated value of the RRPTs as disclosed in the Circular

(“Estimated Value”)

(RM’ 000)

Actual value of the RRPTs transacted, from AGM up to  20 October 2021 (“Actual Value”)

(RM’ 000)

Difference (in value and percentage) for the variation between the Actual Value and the Estimated Value (RM’ 000)

 

Purchase of quicklime

Hong Bee Hardware Group

SSB Group

500

0

-500

 

Sale of steel products

SSB Group

Hong Bee Hardware Group

60,000

75,600

 

15,600

 

 

Sale of steel products

SSB Group

HLIH Group

1,000

415

-585

 

Total

61,500

76,015

 

14,515

(23.60%) 

 

Actual Value of the RRPTs announced on 24 September 2021 (“Actual Value on 24 September 2021”)

 

                           

68,903

 

 

 

Increment from Actual Value on 24 September 2021

 

7,112

(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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