The Company wishes to announce that the following recurrent related party transactions of a revenue or trading nature (“RRPTs”) that were approved by the shareholders of the Company at the Company’s Forty-Fourth Annual General Meeting held on 26 June 2020 have exceeded the estimated value for the RRPTs as disclosed in the Circular to Shareholders dated 27 May 2020 (“Circular”) by more than 10%.
Details are as follows:
Nature of Transactions
|
Transacting Parties
|
Class of Related Party
|
Estimated value of RRPTs disclosed in the Circular
(“mandate value”)
(RM’000)
|
Actual value of the RRPTs transacted from 27.06.2020 to 31 March 2021
(“actual value”)
(RM’000)
|
Variation between actual value and mandate value (%)
|
Manulife Centre of Excellence (“COE”) – Operations and Information Technology (“IT”) Support Services
|
Manulife Investment Management (M) Berhad
|
Manulife Financial Corporation and its subsidiaries
|
1,200
|
1,739
|
44.9%
|
Reason:
The RRPTs that have exceeded the mandate value are due to the hiring of a new Head of COE-IT in August 2020 who is supporting Regional office exclusively.
|
This announcement is dated 9 April 2021.