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Details of Announcement

 

General Announcement
Reference No CI-060418-FC1A6

Company Name
:
KIA LIM BERHAD  
Stock Name
:
KIALIM  
Date Announced
:
18/04/2006  

 
Type
:
Announcement
Subject
:
KIA LIM BERHAD
~ ADDITIONAL RECURRENT RELATED PARTY TRANSACTION ("RRPT")

Contents :

The Board of Kia Lim Berhad ("KLB") wishes to announce that its wholly-owned subsidiary, Syarikat Kia Lim Kilang Batu Bata Sdn. Bhd. ("SKL") and Kangkar Raya Batu Bata Sdn. Bhd. ("KRBB"), intends to sell the finished goods to E.S. Ng Building Products Sdn. Bhd. ("ESNBP") at an estimated value of RM150,000-00 from 18 April 2006 to forthcoming Annual General Meeting to be held on 25 May 2006.
This is an additional transaction other than those transactions disclosed in the Circular dated 5 May 2005 and neither it exceeds 5% of the percentage ratio nor the threshold of RM1 million.

INFORMATION ON ESNBP
ESNBP (Company No. 314324-D), a company incorporated in Malaysia on 5 September 1994 with its relevant information as follow: -

i) Authorised capital of RM5,000,000 comprising of 5,000,000 ordinary shares of RM 1.00 each.

ii) Paid-up capital is RM1,818,000.

iii) Its principal activity is manufacturing of wood based products.

RATIONALE OF RRPT
The sales of finished goods by SKL and KRBB to ESNBP would generate an income of approximately RM150,000-00 to the Group. The terms are based on normal commercial terms and not to the detrimental of the minority shareholders of KLB.

EFFECTS OF RRPT
1. Share capital
The RRPT is not expected to have any effect on the issued and paid up capital share capital of KLB Group.

2. Earnings and Net Assets
The RRPT is not expected to have any effect on the Earnings and Net Assets for KLB Group.

DIRECTORS AND MAJOR SHAREHOLDERS' INTEREST
A Director of KLB, namely Datuk Ng Eng Sos @ Bah Chik, and his family members are directors and/or substantial shareholders of ESNBP.

STATEMENT BY THE DIRECTORS
The Board, after careful deliberation, is of the opinion that the proposal is in the best interest of KLB Group.

APPROVALS REQUIRED
This RRPT does not need any authorities' and shareholders' approval.

 

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