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23 Apr 2012

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

Description
:
MALAYSIA STEEL WORKS (KL) BHD (“MASTEEL” OR “THE COMPANY”)

- PROPOSED RENEWAL OF SHAREHOLDERS’ MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE
- PROPOSED RENEWAL OF AUTHORITY FOR THE COMPANY TO PURCHASE ITS OWN ORDINARY SHARES

Announcement Details/Table Section :

Introduction

The Board of Directors of MASTEEL wishes to announce that the Company proposes to obtain shareholders’ approval on the following at the forthcoming Annual General Meeting (“AGM”) of the Company:

  • Proposed renewal of shareholders’ mandate for recurrent related party transactions of a revenue or trading nature (“Proposed Renewal of Shareholders’ Mandate”)
  • Proposed renewal of authority for the Company to purchase its own ordinary shares (“Proposed Renewal of Share Buy-Bank Mandate”)

(hereinafter referred to as the “Proposals”)

Proposed Renewal of Shareholders’ Mandate

At the AGM of the Company held on 23 June 2011, the shareholders of MASTEEL had granted a mandate for the Company and/or its subsidiaries (“MASTEEL Group”) to enter into recurrent transactions of a revenue or trading nature with its related parties provided that such transactions are necessary for the day-to-day operations and they are carried out in the ordinary course of business on normal commercial terms which are not more favourable to the related parties than those generally available to the public and are on terms not to the detriment of the minority shareholders. The said mandate will expire at the conclusion of the forthcoming AGM of the Company.

Pursuant to Paragraph 10.09 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Securities”) and Bursa Securities’ Practice Note No. 12, the Board of Directors of MASTEEL had proposed that a renewal of the mandate be sought from the shareholders at the forthcoming AGM of the Company to allow the MASTEEL Group to continue to enter into the recurrent related party transactions of a revenue or trading nature.

Proposed Renewal of Share Buy-Back Mandate

At the AGM of the Company held on 23 June 2011, the shareholders of MASTEEL had also granted a mandate for the Company to purchase up to 10% of its own ordinary shares.

The Board of Directors of MASTEEL had also proposed that the Company seeks shareholders’ approval for a renewal of the authority for the Company to purchase its own ordinary shares at the forthcoming AGM of the Company.

Details of the Proposals

A Circular and Statement to Shareholders containing details in relation to the Proposed Renewal of Shareholders’ Mandate and Proposed Renewal of Share Buy-Back Mandate respectively will be distributed to shareholders together with the Annual Report of the Company for the financial year ended 31 December 2011.

This announcement is dated 23 April 2012.
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