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TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS VARIATION BY 10% OR MORE BETWEEN ACTUAL VALUE AND MANDATED ESTIMATED VALUE OF RECURRENT RELATED PARTY TRANSACTIONS

FGV HOLDINGS BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
Description
VARIATION BY 10% OR MORE BETWEEN ACTUAL VALUE AND MANDATED ESTIMATED VALUE OF RECURRENT RELATED PARTY TRANSACTIONS
We refer to FGV Holdings Berhad's ("FGV" or the "Company") circular to shareholders dated 28 April 2021 (the "Circular") in relation to the proposed renewal of shareholders’ mandate and proposed new shareholders’ mandate for recurrent related party transactions (RRPT) of a revenue or trading nature (Proposed Mandate). The Proposed Mandate was approved by the shareholders of FGV at its 13th Annual General Meeting held on 23 June 2021.

In compliance with Paragraph 10.09(2)(e) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (Listing Requirements) and Paragraph 2.5 of Practice Note 12 of the Listing Requirements, FGV wishes to announce that the following transactions have exceeded 10% of the estimated value as disclosed in the Circular:

Recipient
Provider
Nature of RRPT
Estimated value as disclosed in the Circular (Estimated Value) (RM'000)
Actual value transacted (RM'000)
Variation between actual value and Estimated Value (RM'000)
Reason for the variation
FGV Group
Koperasi Permodalan FELDA Malaysia Berhad (KPF)-Linked Subsidiaries (1)
Purchase of fresh fruit bunches (FFB)
145,000
183,268
38,268
The actual average price of FFB per metric tonne (MT) was higher due to uptrend market price as compared to the estimated price per MT used to calculate the Estimated Value
FGV Group
Federal Land Development Authority (FELDA) Group of Companies, KPF Related Corporations (2)
Purchase of FFB
4,136,000
6,785,871
2,649,871
The actual average price of FFB per MT was higher due to uptrend market price as compared to the estimated price per MT used to calculate the Estimated Value
FGV Group
FGV Trading Sdn Bhd
Provision of raw materials, sale of palm oil products
2,839,000
3,691,840
852,840
The actual average commodity price per MT was higher due to uptrend market price as compared to the estimated price per MT used to calculate the Estimated Value
KPF-Linked Subsidiaries
FELDA Group of Companies 
Lease of land having lease/rental period of more than 3 years on pro-rated monthly or annual instalments basis
13,600
17,005
3,405
Late receipt of invoices from FELDA due to finalisation of rental agreement which require its board approval
Legend:
(1) FGV's subsidiaries in which KPF has effective shareholding, other than via FGV, of 10% or more
(2) KPF and its subsidiaries

This announcement is dated 16 June 2022.





Announcement Info

Company Name FGV HOLDINGS BERHAD
Stock Name FGV
Date Announced 16 Jun 2022
Category General Announcement for PLC
Reference Number GA1-16062022-00011




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