SELANGOR PROPERTIES BERHAD ("SPB" or "the Company")

- PROPOSED RENEWAL OF SHAREHOLDERS' MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OF TRADING NATURE

  1. INTRODUCTION

    The Board of Directors of SPB wishes to announce that the Company proposes to seek approval of its shareholders for the Proposed Renewal of Shareholders' Mandate for Recurrent Related Party Transactions ("RRPT") of a Revenue or Trading Nature with Related Parties ("Proposed Renewal of Shareholders' Mandate") at the forthcoming Annual General Meeting ("AGM").

  2. PROPOSED RENEWAL OF SHAREHOLDERS' MANDATE

    Pursuant to Paragraph 10.09 of Bursa Malaysia Securities Berhad Main Market Listing Requirements, the Company proposes to seek shareholders' approval to renew the shareholders' mandate for RRPT of a revenue or trading nature with Related Parties. This shareholders' mandate approved by the Company's shareholders at the AGM of the Company held on 24 March 2016 will expire at the conclusion of the forthcoming Fifty-Fifth AGM ("55th AGM") of the Company, unless authority for its renewal is obtained from the shareholders at the forthcoming 55th AGM of the Company.

    The Proposed Renewal of Shareholders' Mandate, if approved by the shareholders at the forthcoming 55th AGM, will enable the Company and its subsidiaries ("SPB Group") to continue entering into the RRPT with the related parties which are necessary for SPB Group's day to day operations and are in the ordinary course of business, made at arm's length basis, on normal commercial terms and on the terms not more favourable to the

    related parties than those generally available to the public and are not detrimental to minority shareholders' interest.

  3. RATIONALE

    The Proposed Renewal of Shareholders' Mandate would eliminate the necessity to announce and convene separate general meetings from time to time to seek shareholders' approval as and when such RRPT occur. This would reduce substantial administrative expenses associated with the convening of such meetings, without compromising the corporate objectives and adversely affecting the business opportunities available to the Company.

  4. APPROVAL REQUIRED

The Proposed Renewal of Shareholders' Mandate is subject to approval being obtained from the shareholders of the Company at the forthcoming 55th AGM.

A Circular to shareholders containing details in relation to the Proposed Renewal of Shareholders' Mandate will be despatched to shareholders together with the Annual Report of the Company for the financial year ended 31 October 2016.

This announcement is dated 27 December 2016.

SPB - Selangor Properties Bhd published this content on 27 December 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 05 January 2017 22:57:09 UTC.

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