General Announcement for PLC

24/09/2021

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

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 exceeded the estimated value for 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 24 September 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

68,488

8,488

Sale of steel products

SSB Group

HLIH Group

1,000

415

-585

Total

61,500

68,903

7,403

(12.04%)

Reason

Increase in steel prices


This announcement is dated 24 September 2021.



Announcement Info

Company Name SOUTHERN STEEL BERHAD
Stock Name SSTEEL
Date Announced 24 Sep 2021
Category General Announcement for PLC
Reference Number GA1-24092021-00054


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