OTHERS SUNWAY BERHAD ("SUNWAY" OR “THE COMPANY”) 1. PROPOSED SHAREHOLDERS' MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE 2. PROPOSED AUTHORITY FOR THE PURCHASE OF OWN SHARES BY THE COMPANY
|Description||SUNWAY BERHAD ("SUNWAY" OR “THE COMPANY”)|
1. PROPOSED SHAREHOLDERS' MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE
2. PROPOSED AUTHORITY FOR THE PURCHASE OF OWN SHARES BY THE COMPANY
The Board of Directors of Sunway wishes to announce that Sunway intends to seek its shareholders' approval for the following proposals at the forthcoming Annual General Meeting ("AGM") of the Company:-
1. Proposed Shareholders' Mandate for Recurrent Related Party Transactions (“RRPT”) of a revenue or trading nature ["Proposed RRPT Mandate"]; and
2. Proposed Authority for the Purchase of Own Shares by the Company ["Proposed Share Buy-back"].
1. PROPOSED RRPT MANDATE
Pursuant to Paragraph 10.09 and Practice Note 12 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, Sunway had procured the shareholders' mandate at its last AGM held on 27 June 2013, to allow Sunway and its subsidiaries to enter into RRPT of a revenue or trading nature and in the ordinary course of business which are necessary for the day-to-day operations with related parties. The shareholders' mandate will lapse upon the conclusion of the forthcoming AGM unless the mandate is renewed.
The Company proposes to seek the approval of its shareholders for the Proposed RRPT Mandate at its forthcoming AGM.
2. PROPOSED SHARE BUY-BACK
The Company also proposes to seek its shareholders' approval to purchase its own shares of up to 10% of the issued and paid-up share capital of the Company subject to compliance with Section 67A of the Companies Act, 1965, the Main Market Listing Requirements and any prevailing laws, rules, regulations and guidelines issued by the relevant authorities.
CIRCULAR TO SHAREHOLDERS
A Circular to Shareholders which sets out the details of the Proposed RRPT Mandate and Proposed Share Buy-back will be despatched to the shareholders together with the Annual Report of Sunway in due course.
This announcement is dated 21 May 2014.
|Company Name||SUNWAY BERHAD|
|Date Announced||21 May 2014|