TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RECURRENT RELATED PARTY TRANSACTIONS PBA HOLDINGS BHD ("PBAHB" OR "COMPANY") WATER INTAKE FEE IMPOSED BY THE STATE GOVERNMENT OF PENANG
|PBA HOLDINGS BHD|
|Subject||TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RECURRENT RELATED PARTY TRANSACTIONS
PBA HOLDINGS BHD ("PBAHB" OR "COMPANY") WATER INTAKE FEE IMPOSED BY THE STATE GOVERNMENT OF PENANG
Pursuant to the Paragraph 10.09 of the Main Market Listing Requirements of the Bursa Malaysia Securities Berhad (“Listing Requirements”), the Company hereby announce that the total raw water intake fee incurred by the Company’s subsidiary, Perbadanan Bekalan Air Pulau Pinang Sdn. Bhd. (“PBAPP”) in respect of the financial year ended 31 December 2018 was RM9,050,000 imposed by the State Government of Penang.
The above Water Intake Fee is regarded as recurrent related party transaction (“RRPT”) pursuant to the Paragraph 10.09 of the Listing Requirements by virtue of the substantial shareholdings held by State Government of Penang through the State Secretary, Penang (“SSI”) in the Company and the relationship between State Government of Penang and SSI. SSI is a major shareholder of the Company, holding 55% of the total issued and paid up capital of the Company as at 31 December 2018. The RRPT involves the payment of Annual Water Intake Fee by PBAPP to the State Government of Penang, of which SSI is deemed to have a interest.
This announcement is dated 28 February 2019.
|Company Name||PBA HOLDINGS BHD|
|Date Announced||28 Feb 2019|
|Category||General Announcement for PLC|