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

Company Name RIMBUNAN SAWIT BERHAD
Stock Name RSAWIT
Date Announced 17 May 2022
Category General Announcement for PLC
Reference Number GA1-17052022-00034

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RECURRENT RELATED PARTY TRANSACTIONS
Description
VARIATION BY 10% OR MORE BETWEEN ACTUAL VALUE AND ESTIMATED VALUE OF RECURRENT RELATED PARTY TRANSACTIONS ("RRPT") PURSUANT TO THE SHAREHOLDERS' MANDATE

Reference is made to Rimbunan Sawit Berhad ("RSB")’s Circular to Shareholders dated 30 April 2021 ("the Circular") in relation to the proposed renewal of existing shareholders’ mandate and proposed new shareholders’ mandate for RRPT of a revenue or trading nature ("Proposed Mandate"). The Proposed Mandate was approved by the shareholders of RSB at its 16th Annual General Meeting held on 11 August 2021.  

 

RSB wishes to announce that the actual value of RRPT entered into by its subsidiary namely RSB Lundu Palm Oil Mill Sdn Bhd (“RSB Lundu”) and the related parties namely Borneo Affluence Sdn. Bhd., Mighty Roar Sdn. Bhd. And Welth Ezy Sdn. Bhd. have again exceeded the estimated value as disclosed in the Circular by more than 10%, since the date of its last announcement on 21 April 2022, details  as set out below:

Nature of RRPT

Estimated value as disclosed in the Circular (“Estimated Value”)

Actual value transacted from 11 August 2021 to 15 January 2022 (as per 18 January 2022 announcement)

Actual value transacted from 16 January 2022 to 15 February 2022 (as per 21 February 2022 announcement)

Actual value transacted from 16 February 2022 to 15 March 2022 (as per 22 March 2022 announcement)

Actual value transacted from 16 March 2022 to 31 March 2022 (as per 07 April 2022 announcement)

Actual value transacted from 1 April 2022 to  15 April 2022 (as per 21 April 2022 announcement)

Actual value transacted from 16 April 2022 to  30 April 2022

(“Actual Value”)

Variation between Actual Value and Estimated Value

Reason for the Variation

Fresh Fruit Bunches (“FFB”) purchased by RSB Lundu

RM6,000,000

RM838,204/   (13.97% above the Estimated Value)

RM858,268/ (14.30% above the Estimated Value%)

RM764,068/ (12.73% above the Estimated Value%)

RM920,735/ (15.35% above the Estimated Value%)

RM791,723/ (13.20% above the Estimated Value%)

 

RM715,349

RM715,349/ (11.92% above the Estimated Value%)

The actual average price per Metric Tonne (MT) of FFB was higher as compared to the estimated price per MT used to calculate the Estimated Value and the quantity of the FFB purchased was more than estimated volume.

This announcement is dated 17 May 2022.






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