The Company had at its Annual General Meeting held on 23 May 2011 obtained the authority from its shareholders for PICORP and its subsidiaries (“Group”) to enter into recurrent related party transactions of a revenue or trading nature which are necessary for the Group’s day-to-day operations (“Shareholders’ Mandate”).

The Shareholders' Mandate will expire at the conclusion of the forthcoming Annual General Meeting (“AGM”) of the Company. 

The Company intends to seek its shareholders' approval for the Proposed Renewal of Shareholders’ Mandate at the Company's forthcoming AGM.

In addition thereto, the Board of Directors wishes to seek shareholders’ mandate for new recurrent related party transactions of a revenue or trading nature which are necessary for the Group’s day-to-day operations and are carried out in the ordinary course of business on normal commercial terms which are not detrimental to the minority shareholders of the Company.

A Circular to Shareholders on the Proposals will be despatched to the shareholders of PICORP in due course.