TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RECURRENT RELATED PARTY TRANSACTIONS IBRACO BERHAD (IBRACO OR THE COMPANY) PROPOSED SHAREHOLDERS' MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE
IBRACO BERHAD |
Type | Announcement |
Subject | TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) RECURRENT RELATED PARTY TRANSACTIONS |
Description | IBRACO BERHAD (IBRACO OR THE COMPANY) PROPOSED SHAREHOLDERS' MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE |
Introduction The Board of Directors of IBRACO wishes to announce that the Company proposes to obtain its shareholders’ approval for the Proposed Shareholders’ Mandate for Recurrent Related Party Transactions of a Revenue or Trading Nature (“Proposed Shareholders’ Mandate”) at the forthcoming Forty-Eighth Annual General Meeting (“48TH AGM”) of the Company.
Proposed Shareholders’ Mandate Pursuant to Paragraph 10.09 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board had proposed that a mandate be sought from the shareholders at the forthcoming AGM of the Company to allow IBRACO Group to enter into the recurrent related party 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.
Details of the Proposed Shareholders’ Mandate A Circular to Shareholders containing details of the Proposed Shareholders’ Mandate will be dispatched to shareholders together with the Annual Report of the Company for the financial year ended 31 December 2019 in due course.
This announcement is dated 24 June 2020. |
Announcement Info
Company Name | IBRACO BERHAD |
Stock Name | IBRACO |
Date Announced | 24 Jun 2020 |
Category | General Announcement for PLC |
Reference Number | GA1-24062020-00036 |