1. Introduction
The Board of Directors ("Board") wishes to announce that Tasek Corporation Berhad ("Tasek" or "the Company") proposes to seek the approval of its shareholders for the Proposals at its forthcoming 51st 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 at its 50th AGM held on 25th April 2011 obtained shareholders' approval for such mandate. This mandate will expire at the forthcoming 51st 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 at its 50th AGM held on 25th April 2011, 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 share capital of Tasek. The authority conferred by the shareholders at the said 50th AGM will expire at the forthcoming 51st 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 Articles of Association of the Company to be in line with the new Paragraphs 7.21 and 7.21A of Chapter 7 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad.
A circular containing the details of the Proposals will be despatched to shareholders.