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SUCCESS TRANSFORMER CORPORATION BERHAD RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE

SUCCESS TRANSFORMER CORPORATION BERHAD

Type

Announcement
SubjectSUCCESS TRANSFORMER CORPORATION BERHAD
RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE

Contents :

1. INTRODUCTION

      Pursuant to paragraph 2.0 of Practice Note 12/2001 issued in relation to paragraphs 10.08 and 10.09 of the Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Securities”) (“LR”), the Board of Directors of STC wishes to announce that Success Electronics & Transformer Manufacturer Sdn Bhd (“SETM”) and Success Transformer Marketing Sdn Bhd (“STMKT”), the wholly owned subsidiaries of Success Transformer Manufacturer Sdn Bhd (“STM”), had entered into transaction with Daiichi Steel Sdn Bhd and Omega Metal Industrial Sdn Bhd for the purchases of raw materials (“RRPTs”).

      The value of the consideration of the RRPTs, which by way of aggregation, exceeds 1 % of STC’s proforma consolidated net tangible assets as at 31August 2004, being the lower prescribed limit pursuant to paragraph 2.1 of Practice Note 12/2001.

2. DETAILS OF THE RRPTs
      The details of the RRPTs and the nature of the interest of the related parties with the Directors, Major Shareholders of STC and/or the persons connected to them are set out in the Table hereunder.

3. RATIONALE FOR RRPTs
      The RRPTs are necessary for the day-to-day operations of STC and its subsidiary companies (STC Group”) and to meet the business needs of the STC Group at the best possible terms.

4. FINANCIAL EFFECTS OF THE RRPTs
      The RRPTs are not expected to have an effect on the issued and paid-up share capital and the shareholding of the substantial shareholders of STC.
      The RRPTs are also not expected to have a material effect on the consolidated net tangible assets and earnings of STC.



5. APPROVALS REQUIRED
      Presently, the RRPTs are not subject to the approval of the shareholders of STC or the authorities.

      Should the RRPTs is equal to or exceeds 5% of any one of the percentage ratios as set out in paragraph 10.02 of the LR, STC will adhere to the requirements as set out in paragraph 10.08 of the LR.

6. DIRECTORS AND MAJOR SHAREHOLDERS’ INTERESTS
      Save as set out in the Table above, none of the Directors and/or Major Shareholders of STC and/or persons connected to them have any interest, direct or indirect, in the RRPTs .

      The directors who are deemed interested in the RRPTs (“Interested Directors”) have each abstained and will continue to abstain from all deliberations and voting on the RRPTs .
7. STATEMENT BY THE BOARD OF DIRECTORS OF STC
      The Board of Directors of STC (with the exception of the Interested Directors) is of the opinion that the RRPTs are in the best interests of STC.
TABLE(RRPT).doc

Attachments

TABLE(RRPT).doc
28 KB



Announcement Info

Company NameSUCCESS TRANSFORMER CORPORATION BERHAD  
Stock Name SUCCESS    
Date Announced6 Apr 2005  
CategoryGeneral Announcement
Reference NoCM-050406-62144

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