NOVA MSC BERHAD
15 Aug 2005
|Subject||PROPOSED RENEWAL OF SHAREHOLDERS’ MANDATE FOR RECURRENT
RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE
The Board of Directors of Nova MSC Berhad (“NovaMSC”or the Company”) is pleased to announce that the Company proposes to seek the approval of its shareholders for the proposed renewal of the shareholders’ mandate to enter into recurrent related party transactions of a revenue or trading nature (hereinafter known as “the Proposal”) at the forthcoming Extraordinary General Meeting (“EGM”) of the Company.
PROPOSED RENEWAL OF SHAREHOLDERS’ MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADINGNATURE
At the Extraordinary General Meeting held on 28 September 2004, the shareholders of NovaMSC had granted a mandate to allow the Company and/or its subsidiary companies to enter into recurrent related party transactions of a revenue or trading nature which are necessary for the day-to-day operations of the Group, provided that such transactions are in the ordinary course of business and are on the terms which are not more favourable to the related parties than those generally available to the public. The said mandate also will expire at the conclusion of the forthcoming AGM of the Company.
Pursuant to Paragraph 6.8.1 of the Listing Requirements of Bursa Malaysia Securities Berhad for MESDAQ Market (“Listing Requirements”) and Guidance Notes 12 of the Listing Requirements, NovaMSC proposes to seek a renewal of shareholders’ mandate to enter into recurrent related party transactions at the forthcoming EGM of the Company.
CIRCULAR TO SHAREHOLDERS
A circular containing details of the Proposal will be dispatched to the shareholders of NovaMSC in due course.
This announcement is dated 15 August 2005.
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