1. Introduction
The Board of Directors ("Board") wishes to announce Tasek Corporation Berhad ("Tasek" or "the Company") proposes to seek the approval of its shareholders for the Proposals as its 50th Annual General Meeting ("AGM") to be convened.
2. The Proposals
2.1 Proposed Shareholders' Mandate
The Board has proposed to obtain a renewal of shareholders' mandate for the Company on a recurrent related party transactions of a revenue or trading nature ( "Proposed Shareholders' Mandate") to comply with Paragraph 10.09 of the Listing Requirements. The Company had its 49th AGM on 27th April 2010 obtained shareholders' approval for such mandate, which will expire at the forthcoming 50th AGM. Accordingly, the Board proposes to seek shareholders' approval for renewal of the Proposed Shareholders' Mandate.
2.2 Proposed Share Buy-Back
The Company had its 49th AGM on 27th April 2010, obtained shareholders' approval for the renewal of authority for the Company to purchase its own ordinary shares up to ten per centum (10%) of the issued and paid-up ordinary shares capital of Tasek. The authority conferred by the shareholders at the said 49th AGM will expire at the forthcoming 50th AGM. Accordingly, the Board proposes to seek shareholders approval for renewal of the authority for the proposed Share Buy-back.
2.3 Proposed Amendments to Articles of Association
The Board proposed to amend the Company's existing Articles of Association of the Company to be in line with the Main Market Listing Requirements of Bursa Securities and to ensure a practical minimum number of directors for the Company.
A circular containing the details of the Proposals will be despatched to shareholders of Tasek in due course.