OTHERS PROVISION OF FINANCIAL ASSISTANCE IN THE FORM OF CORPORATE GUARANTEE ("CG") FROM KUMPULAN PERANGSANG SELANGOR BERHAD ("PERANGSANG SELANGOR" OR THE "COMPANY") OF RM4,447,200.00 TO CENTRAL SPECTRUM (M) SDN BHD ("CSSB") IN PROPORTION TO THE 51% SHAREHOLDING HELD BY PERANGSANG SELANGOR IN KPS-HCM SDN BHD ("KPS-HCM")

KUMPULAN PERANGSANG SELANGOR BERHAD

Type Announcement
Subject OTHERS
Description
PROVISION OF FINANCIAL ASSISTANCE IN THE FORM OF CORPORATE GUARANTEE ("CG") FROM KUMPULAN PERANGSANG SELANGOR BERHAD ("PERANGSANG SELANGOR" OR THE "COMPANY") OF RM4,447,200.00 TO CENTRAL SPECTRUM (M) SDN BHD ("CSSB") IN PROPORTION TO THE 51% SHAREHOLDING HELD BY PERANGSANG SELANGOR IN KPS-HCM SDN BHD ("KPS-HCM")

1. INTRODUCTION

 

Our announcements made on 17 October 2017, 11 January 2019, 28 February 2019, 30 May 2019, 30 August 2019, 28 November 2019 and 30 January 2020 in relation to the provision of financial assistance in the form of CG provided by Perangsang Selangor of RM4,447,200.00 to CSSB in favour of KPS-HCM in proportion to the 51% shareholding held by the Company in KPS-HCM in relation to the Contract (as defined in the earlier announcements) awarded by CSSB to KPS-HCM vide CSSB’s letter of award dated 13 June 2017 (“Provision of Financial Assistance”) refer.

 

2. QUARTERLY UPDATE ON PROVISION OF FINANCIAL ASSISTANCE

 

Pursuant to Paragraph 3.1 of Practice Note 11 of the MMLR, the Board of Directors of Perangsang Selangor wishes to update that the Provision of Financial Assistance as mentioned in Section 1 above remains unchanged during the quarterly reporting period from 1 January 2020 to 31 March 2020. Details of which are set out below:

 

Type of Financial Assistance

Amount of Corporate Guarantee (RM)

Purpose

Corporate Guarantee

4,447,200.00

The Provision of Financial Assistance is necessary to guarantee KPS-HCM’s own performance of the contractual obligations and to facilitate the works under the Contract which is in the ordinary course of business of KPS-HCM.

 

The Provision of Financial Assistance is not expected to have material impact on the earnings per share, net assets per share and gearing of Perangsang Selangor Group for the financial year ending 31 December 2020.

 

 

 

This announcement is dated  28 May 2020.






Announcement Info

Company Name KUMPULAN PERANGSANG SELANGOR BERHAD
Stock Name KPS
Date Announced 28 May 2020
Category General Announcement for PLC
Reference Number GA1-27052020-00027