The Company wishes to announce that the actual value of the following RRPT has exceeded the estimated value of the said RRPT disclosed in the Circular to Shareholders dated 31 May 2021 of the Company:-
|
Related Party
|
Nature of Transaction
|
Estimated Value
|
Actual Value up till 6 May 2022
|
Variance (Value)
|
Variance (%)
|
|
AAX
|
Purchase of
AAX's cargo
transportation
capacity by
Teleport
on routes
operated by
AAX.
|
USD
18,989,000
(RM
79,830,000)
|
USD 67,331,297
(RM
283,060,773)
|
USD 48,342,297
(RM
203,230,773)
|
254.58
|
The exchange rate is based on USD1 = RM4.204
The main reason for the variance between the estimated and actual values for this RRPT was the charter of additional planes; one extra plane throughout the second half of 2021 and two extra planes from the beginning of 2022 onwards as opposed to only one charter which was originally forecasted. The additional planes have contributed to a proportional uplift in revenue as well as cost. Jet fuel price escalation has also contributed to the increase with prices rising steadily throughout 2021 and steeply in 2022 on the back of geopolitical instability.
This announcement is dated 13 May 2022.