Pursuant to Paragraph 10.09(1)(a) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Securities”), the Board of Directors of Efficient wishes to announce that Efficient Group between 22 May 2019 to 3 December 2019 have in the ordinary course of business entered into RRPTs as disclosed below:-

Notes:
1. Mr Victor Cheah Chee Wai is a director and major shareholder of the Company, and he is also a director of RRM.
2. Mr Victor Cheah Chee Wai is a director and major shareholder of the Company, and he is also a director of OTC. 
3. Mr Cheah Chee Kong is a director and major shareholder of the Company, and his children are directors of OTC.

4. Dato' Robiah Binti Abdul Ghani is a director of the Company, and her spouse is a director and substantial shareholder of EPS.

The RRPTs entered into by the Group are of a revenue or trading nature and are within the ordinary course of business of the Group. They are recurring transactions of a revenue nature transacted from time to time. The RRPTs have been entered into on normal commercial terms consistent with the Group’s usual business practices and policies and on terms no more favourable to the related parties than those generally available to the public. 

Being the interested Directors, Mr. Cheah Chee Kong, Mr. Victor Cheah Chee Wai and Dato' Robiah Binti Abdul Ghani have abstained and will continue to abstain from all deliberations and voting on the above RRPTs. Save as disclosed, none of the other Directors and/or major shareholders of the Company and/or persons connected to them, have any interest, directly or indirectly, in the RRPTs.

The RRPTs do not have any effect on the issued and paid-up share capital of Efficient and do not have material effect on the earnings or net assets of the Group for the financial year ending 31 December 2019.

The Audit Committee has reviewed the RRPTs, and having considered all aspects of the RRPTs, was of the view that the RRPTs are in the best interest of the Company, established under fair, reasonable and on normal commercial terms and not detrimental to the interest of the Company’s minority shareholders.

Save for Mr. Cheah Chee Kong, Mr. Victor Cheah Chee Wai and Dato' Robiah Binti Abdul Ghani, the Board of Directors of Efficient, have considered all aspects of the transactions and is of the opinion that the transactions are established under normal commercial terms and are in the best interest of the Company and not to the detriment of the minority shareholders.

The RRPTs do not require any approval from shareholders and relevant government authorities.

This announcement is dated 4 December 2019.