TSRCAP - Changes in the composition of the Nomination Committee of TSR Capital Berhad ("the Company")
Announcement Type: General Announcement
Company Name: TSR CAPITAL BERHAD
Stock Name: TSRCAP
Date Announced: 05/10/2010
Announcement Detail:
Type: Announcement
Subject: Changes in the composition of the Nomination Committee of TSR Capital Berhad ("the Company")
Contents: The Board of Directors of TSR Capital Berhad wishes to announce the following changes in the Nomination Committee of the Company:-
Appointment of New Nomination Committee Member
Tan Sri Dato'Lim Kang Yew was appointed as a member of Nomination Committee with effect from 5 October 2010.
Resignation of Nomination Committee Member
Dato' Yaakob bin Hj. Mohammad resigned as a member of Nomination Committee with effect from 5 October 2010.
The composition of the Nomination Committee after change are as follow:-
Members
Mr. Tan En Chong (Independent Non-Executive Director)
Tan Sri Dato' Seri Mohamad Noor bin Abdul Rahim (Independent Non-Executive Director)
Tan Sri Dato' Lim Kang Yew (Non-Independent Non-Executive Director)
Company Name: TSR CAPITAL BERHAD
Stock Name: TSRCAP
Date Announced: 05/10/2010
Announcement Detail:
Type: Announcement
Subject: Changes in the composition of the Nomination Committee of TSR Capital Berhad ("the Company")
Contents: The Board of Directors of TSR Capital Berhad wishes to announce the following changes in the Nomination Committee of the Company:-
Appointment of New Nomination Committee Member
Tan Sri Dato'Lim Kang Yew was appointed as a member of Nomination Committee with effect from 5 October 2010.
Resignation of Nomination Committee Member
Dato' Yaakob bin Hj. Mohammad resigned as a member of Nomination Committee with effect from 5 October 2010.
The composition of the Nomination Committee after change are as follow:-
Members
Mr. Tan En Chong (Independent Non-Executive Director)
Tan Sri Dato' Seri Mohamad Noor bin Abdul Rahim (Independent Non-Executive Director)
Tan Sri Dato' Lim Kang Yew (Non-Independent Non-Executive Director)
TSRCAP - Change in Boardroom
Announcement Type: Change in Boardroom
Company Name: TSR CAPITAL BERHAD
Stock Name: TSRCAP
Date Announced: 05/10/2010
Announcement Detail:
Date of change: 05/10/2010
Type of change: Resignation
Designation: Director
Directorate: Non Independent & Non Executive
Name: Dr Ahmad Fadzli bin Yaakob
Age: 32
Nationality: Malaysian
Qualifications: - Bachelor Degree in Commerce and Administration from Victoria University of Wellington, New Zealand;
- Master Degree in Business Administration (MBA) from IOTA, Institute of Technology, Australia;
- Doctor of Business Administration (DBA) from International University College of Technology Twintech; and
- Honorary Doctor Management from Kursk State Technical University Russia
Working experience and occupation: He started his career as the Internal Auditor and Corporate Communication Executive in Renong Berhad and United Engineers Berhad (UEM). He is an Executive Director in Fazley International College and plays an active role in conducting motivational talks and seminars to student from primary to university levels throughout Malaysia. He is active in hosting some programs in TV3, TV9 and RTM 1.
Directorship of public companies (if any): None
Family relationship with any director and/or major shareholder of the listed issuer: Dr Ahmad Fadzli bin Yaakob is the son of Dato' Yaakob bin Hj Mohammad.
Any conflict of interests that he/she has with the listed issuer: None
Details of any interest in the securities of the listed issuer or its subsidiaries: None
Company Name: TSR CAPITAL BERHAD
Stock Name: TSRCAP
Date Announced: 05/10/2010
Announcement Detail:
Date of change: 05/10/2010
Type of change: Resignation
Designation: Director
Directorate: Non Independent & Non Executive
Name: Dr Ahmad Fadzli bin Yaakob
Age: 32
Nationality: Malaysian
Qualifications: - Bachelor Degree in Commerce and Administration from Victoria University of Wellington, New Zealand;
- Master Degree in Business Administration (MBA) from IOTA, Institute of Technology, Australia;
- Doctor of Business Administration (DBA) from International University College of Technology Twintech; and
- Honorary Doctor Management from Kursk State Technical University Russia
Working experience and occupation: He started his career as the Internal Auditor and Corporate Communication Executive in Renong Berhad and United Engineers Berhad (UEM). He is an Executive Director in Fazley International College and plays an active role in conducting motivational talks and seminars to student from primary to university levels throughout Malaysia. He is active in hosting some programs in TV3, TV9 and RTM 1.
Directorship of public companies (if any): None
Family relationship with any director and/or major shareholder of the listed issuer: Dr Ahmad Fadzli bin Yaakob is the son of Dato' Yaakob bin Hj Mohammad.
Any conflict of interests that he/she has with the listed issuer: None
Details of any interest in the securities of the listed issuer or its subsidiaries: None
TSRCAP - Change in Boardroom
Announcement Type: Change in Boardroom
Company Name: TSR CAPITAL BERHAD
Stock Name: TSRCAP
Date Announced: 05/10/2010
Announcement Detail:
Date of change: 05/10/2010
Type of change: Resignation
Designation: Chairman & Director
Directorate: Non Independent & Non Executive
Name: Dato' Yaakob bin Hj. Mohammad
Age: 60
Nationality: Malaysian
Qualifications: Bachelor of Arts (Hons) and Masters in Public Administration from the University of South California, USA
Working experience and occupation: He began his career in 1974 by joining the Malaysia Administrative and Diplomatic Service and resigned in 1987.
During his distinguished career, he held various positions in government service, such as in the Public Service Commission, Public Service Department, Elections Commission of Malaysia, District Office and Land Office of Kuala Pilah, Negeri Sembilan, Federal Land and Mines Department, Education Director at Malaysia Embassy in Indonesia and Director of Road Transport Wilayah Persekutuan. In 2002 he was appointed as a Senator to the Parliament of Malaysia.
Directorship of public companies (if any): None
Family relationship with any director and/or major shareholder of the listed issuer: Dato' Yaakob bin Hj. Mohammad is the father of Dr Ahmad Fadzli bin Yaakob.
Any conflict of interests that he/she has with the listed issuer: None
Details of any interest in the securities of the listed issuer or its subsidiaries: None
Company Name: TSR CAPITAL BERHAD
Stock Name: TSRCAP
Date Announced: 05/10/2010
Announcement Detail:
Date of change: 05/10/2010
Type of change: Resignation
Designation: Chairman & Director
Directorate: Non Independent & Non Executive
Name: Dato' Yaakob bin Hj. Mohammad
Age: 60
Nationality: Malaysian
Qualifications: Bachelor of Arts (Hons) and Masters in Public Administration from the University of South California, USA
Working experience and occupation: He began his career in 1974 by joining the Malaysia Administrative and Diplomatic Service and resigned in 1987.
During his distinguished career, he held various positions in government service, such as in the Public Service Commission, Public Service Department, Elections Commission of Malaysia, District Office and Land Office of Kuala Pilah, Negeri Sembilan, Federal Land and Mines Department, Education Director at Malaysia Embassy in Indonesia and Director of Road Transport Wilayah Persekutuan. In 2002 he was appointed as a Senator to the Parliament of Malaysia.
Directorship of public companies (if any): None
Family relationship with any director and/or major shareholder of the listed issuer: Dato' Yaakob bin Hj. Mohammad is the father of Dr Ahmad Fadzli bin Yaakob.
Any conflict of interests that he/she has with the listed issuer: None
Details of any interest in the securities of the listed issuer or its subsidiaries: None
TSRCAP - Change in Boardroom
Announcement Type: Change in Boardroom
Company Name: TSR CAPITAL BERHAD
Stock Name: TSRCAP
Date Announced: 05/10/2010
Announcement Detail:
Date of change: 05/10/2010
Type of change: Appointment
Designation: Chairman
Directorate: Independent & Non Executive
Name: Tan Sri Dato' Seri Mohamad Noor bin Abdul Rahim
Age: 65
Nationality: Malaysian
Qualifications: Bachelor of Arts (Hons) Degree from University of Malaya
Working experience and occupation: He has held various positions in the government sector. He was the Secretary General of the Ministry of Home Affairs, the Secretary General of the Ministry of Domestic Trade and Consumer Affairs, State Secretary of Penang, State Financial Officer of Perak and Under Secretary for both the Ministry of Defence and Ministry of Finance. Currently he also sits on the Board of Mitrajaya Holdings Berhad, Prinsiptek Corporation Berhad and Multi Vest Resources Berhad, all as Independant Non-Executive Director. He is one of the Advisory Board member of City Hall Kuala Lumpur.
Directorship of public companies (if any): Independent Non-Executive Director of Mitrajaya Holdings Berhad, Prinsiptek Corporation Berhad and Multi Vest Resources Berhad.
Family relationship with any director and/or major shareholder of the listed issuer: None
Any conflict of interests that he/she has with the listed issuer: None
Details of any interest in the securities of the listed issuer or its subsidiaries: None
Remarks: He was appointed as the Independent Non-Executive Director on 22 August 2008.
Company Name: TSR CAPITAL BERHAD
Stock Name: TSRCAP
Date Announced: 05/10/2010
Announcement Detail:
Date of change: 05/10/2010
Type of change: Appointment
Designation: Chairman
Directorate: Independent & Non Executive
Name: Tan Sri Dato' Seri Mohamad Noor bin Abdul Rahim
Age: 65
Nationality: Malaysian
Qualifications: Bachelor of Arts (Hons) Degree from University of Malaya
Working experience and occupation: He has held various positions in the government sector. He was the Secretary General of the Ministry of Home Affairs, the Secretary General of the Ministry of Domestic Trade and Consumer Affairs, State Secretary of Penang, State Financial Officer of Perak and Under Secretary for both the Ministry of Defence and Ministry of Finance. Currently he also sits on the Board of Mitrajaya Holdings Berhad, Prinsiptek Corporation Berhad and Multi Vest Resources Berhad, all as Independant Non-Executive Director. He is one of the Advisory Board member of City Hall Kuala Lumpur.
Directorship of public companies (if any): Independent Non-Executive Director of Mitrajaya Holdings Berhad, Prinsiptek Corporation Berhad and Multi Vest Resources Berhad.
Family relationship with any director and/or major shareholder of the listed issuer: None
Any conflict of interests that he/she has with the listed issuer: None
Details of any interest in the securities of the listed issuer or its subsidiaries: None
Remarks: He was appointed as the Independent Non-Executive Director on 22 August 2008.
ENGTEX - Notice of Shares Buy Back by a Company pursuant to Form 28A
Announcement Type: Notice of Shares Buy Back by a Company Pursuant to Form 28A
Company Name: ENGTEX GROUP BERHAD
Stock Name: ENGTEX
Date Announced: 05/10/2010
Announcement Detail:
Date of buy back from: 24/09/2010
Date of buy back to: 24/09/2010
Currency: Malaysian Ringgit (MYR)
Total number of shares purchased (units): 450,000
Minimum price paid for each share purchased ($$): 0.965
Maximum price paid for each share purchased ($$): 0.970
Total amount paid for shares purchased ($$): 437,638.80
The name of the stock exchange through which the shares were purchased: BURSA MALAYSIA SECURITIES BERHAD
Number of shares purchased retained in treasury (units): 450,000
Total number of shares retained in treasury (units): 5,250,000
Number of shares purchased which were cancelled (units): 0
Total issued capital as diminished: 0
Date lodged with registrar of companies: 05/10/2010
Lodged by: MEGA CORPORATE SERVICES SDN BHD
Company Name: ENGTEX GROUP BERHAD
Stock Name: ENGTEX
Date Announced: 05/10/2010
Announcement Detail:
Date of buy back from: 24/09/2010
Date of buy back to: 24/09/2010
Currency: Malaysian Ringgit (MYR)
Total number of shares purchased (units): 450,000
Minimum price paid for each share purchased ($$): 0.965
Maximum price paid for each share purchased ($$): 0.970
Total amount paid for shares purchased ($$): 437,638.80
The name of the stock exchange through which the shares were purchased: BURSA MALAYSIA SECURITIES BERHAD
Number of shares purchased retained in treasury (units): 450,000
Total number of shares retained in treasury (units): 5,250,000
Number of shares purchased which were cancelled (units): 0
Total issued capital as diminished: 0
Date lodged with registrar of companies: 05/10/2010
Lodged by: MEGA CORPORATE SERVICES SDN BHD
PLENITU - First and Final Dividend
Announcement Type: Entitlements (Notice of Book Closure)
Company Name: PLENITUDE BERHAD
Stock Name: PLENITU
Date Announced: 05/10/2010
Announcement Detail:
EX-date: 29/10/2010
Entitlement date: 02/11/2010
Entitlement time: 05:00:00 PM
Entitlement subject: First and Final Dividend
Entitlement description: A First and Final Single Tier Tax Exempt Dividend of 15% (15 sen per share)
Period of interest payment: to
Financial Year End: 30/06/2010
Share transfer book & register of members will be: to closed from (both dates inclusive) for the purpose of determining the entitlements
Registrar's name ,address, telephone no: ShareWorks Sdn Bhd
10-1, Jalan Sri Hartamas 8
Sri Hartamas
50480 Kuala Lumpur
Wilayah Persekutuan (KL)
Tel No.: 03-62011120
Payment date: 12/11/2010
a. Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers: 02/11/2010
Entitlement indicator: Currency
Currency: Malaysian Ringgit (MYR)
Entitlement in Currency: 0.15
Remarks: The payment of the First and Final Single Tier Tax Exempt Dividend is subject to the approval of shareholders at the forthcoming Tenth Annual General Meeting of Plenitude Berhad to be held on 28 October 2010.
Company Name: PLENITUDE BERHAD
Stock Name: PLENITU
Date Announced: 05/10/2010
Announcement Detail:
EX-date: 29/10/2010
Entitlement date: 02/11/2010
Entitlement time: 05:00:00 PM
Entitlement subject: First and Final Dividend
Entitlement description: A First and Final Single Tier Tax Exempt Dividend of 15% (15 sen per share)
Period of interest payment: to
Financial Year End: 30/06/2010
Share transfer book & register of members will be: to closed from (both dates inclusive) for the purpose of determining the entitlements
Registrar's name ,address, telephone no: ShareWorks Sdn Bhd
10-1, Jalan Sri Hartamas 8
Sri Hartamas
50480 Kuala Lumpur
Wilayah Persekutuan (KL)
Tel No.: 03-62011120
Payment date: 12/11/2010
a. Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers: 02/11/2010
Entitlement indicator: Currency
Currency: Malaysian Ringgit (MYR)
Entitlement in Currency: 0.15
Remarks: The payment of the First and Final Single Tier Tax Exempt Dividend is subject to the approval of shareholders at the forthcoming Tenth Annual General Meeting of Plenitude Berhad to be held on 28 October 2010.
PLENITU - PLENITUDE BERHAD ("PLENITUDE" OR "COMPANY") NOTICE OF TENTH ANNUAL GENERAL MEETING
Announcement Type: General Announcement
Company Name: PLENITUDE BERHAD
Stock Name: PLENITU
Date Announced: 05/10/2010
Announcement Detail:
Type: Announcement
Subject: PLENITUDE BERHAD ("PLENITUDE" OR "COMPANY")
NOTICE OF TENTH ANNUAL GENERAL MEETING
Contents: PLENITUDE BERHAD ("PLENITUDE" OR "COMPANY")
NOTICE OF TENTH ANNUAL GENERAL MEETING
Attachments: Notice of 10th AGM.pdf
Company Name: PLENITUDE BERHAD
Stock Name: PLENITU
Date Announced: 05/10/2010
Announcement Detail:
Type: Announcement
Subject: PLENITUDE BERHAD ("PLENITUDE" OR "COMPANY")
NOTICE OF TENTH ANNUAL GENERAL MEETING
Contents: PLENITUDE BERHAD ("PLENITUDE" OR "COMPANY")
NOTICE OF TENTH ANNUAL GENERAL MEETING
Attachments: Notice of 10th AGM.pdf
EIG - General Announcement
Announcement Type: General Announcement
Company Name: ESTHETICS INTERNATIONAL GROUP BERHAD
Stock Name: EIG
Date Announced: 05/10/2010
Announcement Detail:
Type: Announcement
Subject: ESTHETICS INTERNATIONAL GROUP BERHAD ("EIG" or "the Company")
ACQUISITION OF 100% EQUITY INTEREST IN MEDKLINN MANUFACTURING SDN BHD FOR A TOTAL CASH CONSIDERATION OF RM2.00
Contents: .
Company Name: ESTHETICS INTERNATIONAL GROUP BERHAD
Stock Name: EIG
Date Announced: 05/10/2010
Announcement Detail:
Type: Announcement
Subject: ESTHETICS INTERNATIONAL GROUP BERHAD ("EIG" or "the Company")
ACQUISITION OF 100% EQUITY INTEREST IN MEDKLINN MANUFACTURING SDN BHD FOR A TOTAL CASH CONSIDERATION OF RM2.00
Contents: .
KAF - Twentieth Annual General Meeting ("20th AGM")
Announcement Type: General Announcement
Company Name: KAF-SEAGROATT & CAMPBELL BERHAD
Stock Name: KAF
Date Announced: 05/10/2010
Announcement Detail:
Type: Announcement
Subject: Twentieth Annual General Meeting ("20th AGM")
Contents: The Board of Directors of KAF-Seagroatt & Campbell Berhad is pleased to inform that the 20th AGM of the Company will be held at Anggerik Room, Level 4, Hotel Equatorial Kuala Lumpur, Jalan Sultan Ismail, 50250 Kuala Lumpur on Thursday, 28 October 2010 at 11.00 a.m..Notice of the 20th AGM is attached herewith for your attention.
Attachments: KAF Notice.pdf
Company Name: KAF-SEAGROATT & CAMPBELL BERHAD
Stock Name: KAF
Date Announced: 05/10/2010
Announcement Detail:
Type: Announcement
Subject: Twentieth Annual General Meeting ("20th AGM")
Contents: The Board of Directors of KAF-Seagroatt & Campbell Berhad is pleased to inform that the 20th AGM of the Company will be held at Anggerik Room, Level 4, Hotel Equatorial Kuala Lumpur, Jalan Sultan Ismail, 50250 Kuala Lumpur on Thursday, 28 October 2010 at 11.00 a.m..Notice of the 20th AGM is attached herewith for your attention.
Attachments: KAF Notice.pdf
HOKHENG - General Announcement
Announcement Type: General Announcement
Company Name: HOCK HENG STONE INDUSTRIES BHD
Stock Name: HOKHENG
Date Announced: 05/10/2010
Announcement Detail:
Type: Announcement
Subject: Hock Heng Stone Industries Bhd.
- Recurrent Related Party Transactions of a Revenue or Trading Nature ("RRPT")
Contents: 1. Introduction
Further to the announcement of Hock Heng Stone Industries Bhd. ("Hock Heng" or "the Company") made on 28 June 2010 in respect of the recurrent related party transactions ("RRPT"), the Board of Directors of Hock Heng wishes to announce that the Company, through its wholly owned subsidiary companies ("the Group") have entered into RRPT, for its day-to-day operations with related parties as disclosed in Table 1 below, whereby the total consideration of the RRPT aggregated from the period from 1 January 2010 to 4 October 2010 is more than RM1 million and the percentage ratio of such RRPT is 2.16%, pursuant to Paragraph 10.09(1)(b) of the Main Market Listing Requirement of Bursa Malaysia Securities Berhad ("the LR").
2. Details of the RRPT
The RRPT between the subsidiary companies and the related parties are in the ordinary course of business of the Group as set out in Table 1 below.
3. Information on LBS and Eternal
LBS Realty Sdn. Bhd. ("LBS") is a company incorporated in Malaysia on 4 September 2003 and has authorised share capital of RM500,000 comprising 500,000 ordinary shares of RM1 each and issued and paid up capital of RM500,000 comprising 500,000 ordinary shares of RM1 each. Its principal activities are property and investment holding.
Eternal Memorial Park Sdn. Bhd. ("Eternal") is a company incorporated in Malaysia on 9 June 2006 and is 70% equity interest owned by LBS. The authorised share capital of Eternal is RM100,000 comprising 100,000 ordinary shares of RM1 each and issued and paid up capital of RM10,000 comprising 10,000 ordinary shares of RM1 each. The principal activity of Eternal is as developer of memorial parks.
4. Rationale
The RRPT entered into by the Group are of a revenue or trading nature which are necessary for the day-to-day operations and within the ordinary course of business of the Group. The RRPT are made on arm's length basis and on the Group's normal commercial terms and are on terms not more favourable to the related parties than those generally made available to the public and are not detrimental to the minority shareholders of the Company.
5. Interest of directors, major shareholders and persons connected with them
Mr. Low Kim Hock, Mr. Low Kim Joo and Mr. Low Kim Chung, Directors and substantial shareholders of Hock Heng, are deemed interested in the RRPT by virtue of their directorships and substantial shareholdings in LBS, which owns 70% equity interest in Eternal. Mr. Low Kim Hock, Mr. Low Kim Joo and Mr. Low Kim Chung, who have direct and indirect interests in the RRPT have abstained and will abstain from all Board deliberations and voting.
Mr. Low Kim Ong, a substantial shareholder of Hock Heng, is also deemed interested in the RRPT by virtue of his directorship and substantial shareholdings in LBS. Mr. Low Kim Ong, who has direct and indirect interest in the RRPT has abstained and will abstain from all Board deliberations and voting.
Save as disclosed above, none of the other Directors, Major Shareholders and/or persons connected with the Directors and/or Major Shareholders of Hock Heng, have any interest, direct or indirect, in the above transaction. The above transactions do not require the approval of the shareholders.
6. Financial effects
The RRPT do not have any effect on the issued and paid up share capital of the Company and does not have any material effect on net assets and earning per share or gearing of the Group.
7. Statement by the Audit Committee
The Audit Committee has reviewed the terms of the RRPT and is satisfied that the terms are:
(i) based on ordinary commercial terms in accordance with the Group's business practices and policies;
(ii) have been agreed on an arm's length basis;
(iii) not on terms which are more favourable to the related party than those generally available to the public;
(iv) not detrimental to the interests of the Company's minority shareholders; and
(v) in the best interest of the Group.
The Audit Committee is of the view that Hock Heng Group has in place adequate procedures and processes to monitor, track and identify RRPT in a timely and orderly manner, and such procedures and processes would be reviewed on a yearly basis or whenever the need arises.
8. Statement by the Directors
The Board of Directors of Hock Heng has taken into consideration all aspects of the RRPT and is of the opinion that the RRPT is in the best interest of the Group.
This announcement is dated 5 October 2010
Company Name: HOCK HENG STONE INDUSTRIES BHD
Stock Name: HOKHENG
Date Announced: 05/10/2010
Announcement Detail:
Type: Announcement
Subject: Hock Heng Stone Industries Bhd.
- Recurrent Related Party Transactions of a Revenue or Trading Nature ("RRPT")
Contents: 1. Introduction
Further to the announcement of Hock Heng Stone Industries Bhd. ("Hock Heng" or "the Company") made on 28 June 2010 in respect of the recurrent related party transactions ("RRPT"), the Board of Directors of Hock Heng wishes to announce that the Company, through its wholly owned subsidiary companies ("the Group") have entered into RRPT, for its day-to-day operations with related parties as disclosed in Table 1 below, whereby the total consideration of the RRPT aggregated from the period from 1 January 2010 to 4 October 2010 is more than RM1 million and the percentage ratio of such RRPT is 2.16%, pursuant to Paragraph 10.09(1)(b) of the Main Market Listing Requirement of Bursa Malaysia Securities Berhad ("the LR").
2. Details of the RRPT
The RRPT between the subsidiary companies and the related parties are in the ordinary course of business of the Group as set out in Table 1 below.
3. Information on LBS and Eternal
LBS Realty Sdn. Bhd. ("LBS") is a company incorporated in Malaysia on 4 September 2003 and has authorised share capital of RM500,000 comprising 500,000 ordinary shares of RM1 each and issued and paid up capital of RM500,000 comprising 500,000 ordinary shares of RM1 each. Its principal activities are property and investment holding.
Eternal Memorial Park Sdn. Bhd. ("Eternal") is a company incorporated in Malaysia on 9 June 2006 and is 70% equity interest owned by LBS. The authorised share capital of Eternal is RM100,000 comprising 100,000 ordinary shares of RM1 each and issued and paid up capital of RM10,000 comprising 10,000 ordinary shares of RM1 each. The principal activity of Eternal is as developer of memorial parks.
4. Rationale
The RRPT entered into by the Group are of a revenue or trading nature which are necessary for the day-to-day operations and within the ordinary course of business of the Group. The RRPT are made on arm's length basis and on the Group's normal commercial terms and are on terms not more favourable to the related parties than those generally made available to the public and are not detrimental to the minority shareholders of the Company.
5. Interest of directors, major shareholders and persons connected with them
Mr. Low Kim Hock, Mr. Low Kim Joo and Mr. Low Kim Chung, Directors and substantial shareholders of Hock Heng, are deemed interested in the RRPT by virtue of their directorships and substantial shareholdings in LBS, which owns 70% equity interest in Eternal. Mr. Low Kim Hock, Mr. Low Kim Joo and Mr. Low Kim Chung, who have direct and indirect interests in the RRPT have abstained and will abstain from all Board deliberations and voting.
Mr. Low Kim Ong, a substantial shareholder of Hock Heng, is also deemed interested in the RRPT by virtue of his directorship and substantial shareholdings in LBS. Mr. Low Kim Ong, who has direct and indirect interest in the RRPT has abstained and will abstain from all Board deliberations and voting.
Save as disclosed above, none of the other Directors, Major Shareholders and/or persons connected with the Directors and/or Major Shareholders of Hock Heng, have any interest, direct or indirect, in the above transaction. The above transactions do not require the approval of the shareholders.
6. Financial effects
The RRPT do not have any effect on the issued and paid up share capital of the Company and does not have any material effect on net assets and earning per share or gearing of the Group.
7. Statement by the Audit Committee
The Audit Committee has reviewed the terms of the RRPT and is satisfied that the terms are:
(i) based on ordinary commercial terms in accordance with the Group's business practices and policies;
(ii) have been agreed on an arm's length basis;
(iii) not on terms which are more favourable to the related party than those generally available to the public;
(iv) not detrimental to the interests of the Company's minority shareholders; and
(v) in the best interest of the Group.
The Audit Committee is of the view that Hock Heng Group has in place adequate procedures and processes to monitor, track and identify RRPT in a timely and orderly manner, and such procedures and processes would be reviewed on a yearly basis or whenever the need arises.
8. Statement by the Directors
The Board of Directors of Hock Heng has taken into consideration all aspects of the RRPT and is of the opinion that the RRPT is in the best interest of the Group.
This announcement is dated 5 October 2010
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