TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS ADVANCES MADE BY SCOMI ENERGY SERVICES BHD ("THE COMPANY") TO ITS HOLDING COMPANY, SCOMI GROUP BHD AND ITS SUBSIDIARIES
|SCOMI ENERGY SERVICES BHD|
|Subject||TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
ADVANCES MADE BY SCOMI ENERGY SERVICES BHD ("THE COMPANY") TO ITS HOLDING COMPANY, SCOMI GROUP BHD AND ITS SUBSIDIARIES
The Board of Directors wishes to announce that it has determined that the Company has omitted to announce certain related party transactions (“RPT”) in accordance with the Main Market Listing Requirements (“MMLR”). These RPTs relate to sums that have been advanced to its holding company, Scomi Group Bhd and its subsidiaries (the “Scomi Group of Companies”) over a period of two (2) years from June 2016 to June 2018 (the “Affected Period”).
Given the nature of shareholding between the Company and Scomi Group Bhd and the common directors between these two listed entities, these advances are deemed to be related party transactions.
The total sum advanced is RM64,334,934, of which RM19,393,105 relate to a shared service agreement between the Company and Scomi Group Bhd and is not regarded as a related party transaction pursuant to paragraph 10.08(11)(k) of the MMLR. The balance of RM44,941,829 (the “Advances”) constitutes related party transactions, of which the Scomi Group of Companies has, over the Affected Period, repaid RM9,703,283.
The Company and its Board was given to understand that the Advances were utilised for the purpose and benefit of the Scomi Group of Companies.
Please refer to the attachment for further details of the announcement.
This announcement is dated 11 January 2019.
Please refer attachment below.
|Company Name||SCOMI ENERGY SERVICES BHD|
|Date Announced||11 Jan 2019|
|Category||General Announcement for PLC|