1 Aug 2011
VARIATION BETWEEN THE ACTUAL VALUE AND THE ESTIMATED VALUE OF RRPT
Author: admin | Filed under: Announcement
| Type |
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Announcement |
| Subject |
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TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RECURRENT RELATED PARTY TRANSACTIONS |
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| Description |
:
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MESB BERHAD (“MESB ” OR “THE COMPANY”)
– VARIATION BETWEEN THE ACTUAL VALUE AND THE ESTIMATED VALUE OF RECURRENT RELATED PARTY TRANSACTION |
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Announcement Details/Table Section :
Reference is made to MESB ’s Circular to Shareholders on the Proposed Renewal of Shareholders’ Mandate for Recurrent Related Party Transactions of a Revenue and Trading Nature (“RRPT”) (“Proposed Renewal”) dated 30 August 2010. The Proposed Renewal had been approved by the shareholders of the Company on 20 September 2010.
Pursuant to Paragraph 10.09(2)(e) and Paragraph 2.5 of Practice Note 12 of the Bursa Malaysia Securities Berhad (“Bursa Securities”) Main Market Listing Requirements, a listed issuer must make an immediate announcement to the Bursa Securities when the actual value of the RRPT exceeds the estimated value disclosed in the circular by 10% or more.
The Board of Directors of the Company now wishes to announce the variation in the actual value of the RRPT with MX Too Sdn Bhd and the estimated value as disclosed in the Circular to Shareholders dated 30 August 2010, as per Table A.
The variation is due to the additional Royalty payments made on Alain Delon license to MX Too Sdn Bhd in view of upsurge in sales volume.
Table A
Parties transacting with the MESB Group |
Nature of Transactions. |
Related Party
|
Estimated Value from 20 September 2010 to 20 September 2011 (expected date of next Annual General Meeting)
(RM)
|
Actual Value from 20 September 2010 to 29 July 2011
(RM)
|
Variation
(%)
|
|
| MX Too Sdn Bhd |
Royalty payments on Alain delon licence to MX Too Sdn Bhd |
Teoh Hwa Peng
– A director of Miroza;
– A director and Major Shareholder of MESB; and
– A director and shareholder of MX Too Sdn Bhd
Tan Sok Gim
– Spouse of Teoh Hwa Peng and a shareholder of MESB
– A director and shareholder of MX Too Sdn Bhd |
700,000
|
1,319,330.81
|
88.47
|
This announcement is dated 1st August 2011. |
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