GENTING PLANTATIONS DECLARES RM90.059 MLN RRPT WITH MUSIM MAS GROUP

KUALA LUMPUR, Sept 7 -- Genting Plantations Bhd (GENP) has announced that the aggregated value of the recurrent related party transaction (RRPT) by its 72 per cent owned subsidiary, Genting MusimMas Refinery Sdn Bhd (GMMR) with its related party, Musim Mas Group is RM90.059 million.

In a filing with Bursa Malaysia today, GENP said the aggregated value of the RRPT is 1.83 per cent of the group’s net assets attributable to equity holders based on the audited financial statements for the financial year ended Dec 31, 2020.

“Pending its renewal at GENP’s postponed 43rd annual general meeting (AGM) to be convened on Sept 21, 2021 (2021 Shareholders’ Mandate), the 2020 Shareholders’ Mandate has expired on June 30, 2021, being the expiration of the period within which GENP’s 43rd AGM was required to be held pursuant to Section 340(2) of the Companies Act 2016.

“An estimated aggregate value of the RRPT between GMMR and Musim Mas Group of RM1.24 million from June 1, 2021 to the next AGM in 2022 has been included in the 2021 Shareholders’ Mandate (2021 Shareholders’ Mandate RRPT value),” said GENP.

Therefore, the aggregate amount transacted of RM90.059 million will be part of the 2021 Shareholders’ Mandate RRPT value to be approved by shareholders at the postponed 43rd AGM to be convened, added the plantation company.

GENP said the RRPT with Musim Mas Group would allow GMMR to establish its position as a palm oil industry player and tap into the refined palm oil products market.

GMMR sells its refined palm oil products through the Musim Mas Group which acts as its marketing agent.

-- BERNAMA