|Description||HANDAL RESOURCES BERHAD (“HRB” or “the Company”)|
RECURRENT RELATED PARTY TRANSACTIONS (“RRPT”) EXCEEDED ESTIMATED VALUE
Reference is made to the Company’s announcement dated 9 November 2010 where the actual value of the Recurrent Related Party Transactions (“Recurrent Transaction”) of RM4,477,000 (“First Exceeded Amount”) by its wholly-owned subsidiary, Handal Offshore Services Sdn Bhd (“HOSSB”) Technology Sdn Bhd with related party, Excell Crane & Hydraulics Inc (“ECHI) had exceeded by more than 10% from the estimated value of the Recurrent Transaction of RM3,776,000 (“General Mandate Estimated Value”) as disclosed in the Circular of HRB to Shareholders dated 24 May 2009, the mandate of which was received on 16 June 2010.
Pursuant to the requirements of paragraph 10.09(2)(e) of the Main Market Listing Requirements, the Board of Directors of HRB wishes to inform that the actual value of the Recurrent Transactions from 16 June 2010 up to date of the announcement is RM5,829,000 (which is an increment of more than 10% of the General Mandate Estimated Value) to the First Exceeded Amount.
The variation arose as a result of HOSSB securing more fabrication jobs than anticipated and correspondingly has procured more material and crane spare parts from its related party.
This announcement is dated 16 February 2011.