Recurrent related Party Transactions Of A Revenue Or Trading Nature With Related Parties

BackAug 17, 2009
General Announcement
Reference No RP-090814-49133

 

Company Name
:
 RELIANCE PACIFIC BERHAD  
Stock Name
:
 RPB  
Date Announced
:
 17/08/2009  


Type
:
 Announcement
Subject
:
RELIANCE PACIFIC BERHAD ("RPB")
- RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE WITH RELATED PARTIES

Contents
:
Reference is made to the RPB's circular to shareholders on recurrent related party transactions of a revenue or trading nature ("RRPT") dated 5 September 2008 ("the Circular) which the Company had obtained a mandate from shareholders at the AGM held on 29 September 2008 ("the Mandate").

We wish to inform that the actual total value transacted by RPB Group from 29 September 2008 to 5 August 2009 was lower than the existing shareholders mandate by 38% and 11% for amount receivable and payable by RPB Group respectively. Out of the total of 17 nature of transactions with a total actual value of RM0.345 million and RM31.012 million for amount receivable and payable by RPB Group respectively, only 2 nature of transactions have variance exceeding 10%. Reasons for exceeding 10% are as follows:-

1.0 The variation for transaction between RPB Group and Japan Insight Travel Inc (incorporated in Japan) was due to higher demand for travel services to Japan during the period and also more competitive pricing offered by the agency. The estimated value (from 29 Sept 2008 to 30 Sept 2009 ) approved in the Mandate was RM550,000.00. The actual value from 24 Sept 2008 to 5 Aug 2009 was RM1,962,000.00. Hence, the variance of RM1,412,000.00 (257%).


2.0 The variation for transaction between RPB Group and Reliance College Sdn Bhd was due to the group's needs for training to increase its efficiency and productivity. The estimated value (from 29 Sept 2008 to 30 Sept 2009 ) approved in the Mandate was RM10,000.00. The actual value from 24 Sept 2008 to 5 Aug 2009 was RM171,000.00. Hence, the variance of RM161,000.00 (161%).

This announcement is dated 17 August 2009.
© 2025 Avillion Berhad