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ORNAPAPER BERHAD ("Orna" or "the Company") - RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE

ORNAPAPER BERHAD

Type

Announcement
SubjectORNAPAPER BERHAD ("Orna" or "the Company")
- RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE

Contents :

The Board of Directors of Ornapaper Berhad ("Orna") wishes to announce that its subsidiary company has entered into the following recurrent related party transactions, whereby the consideration, capital outlay or costs of the recurrent transaction is expected to equal to or exceed RM1 million; or the percentage ratio of such recurrent transaction is equal to or exceed 1%, whichever is lower pursuant to Paragraph 2.1 of Practice Note 12 issued in relation to Chapter 10.08 and 10.09 of the Listing Requirements of the Bursa Malaysia Securities Berhad :-


SupplierCustomerNature of transaction and amountRelationship
Ornapaper Industry (M) Sdn. Bhd., wholly owned subsidiary of Orna ("OISB")Poh Huat Furniture Industries (M) Sdn. Bhd., subsidiary company of Poh Huat Resources BerhadSales of corrugated carton boxes

Total: RM1,168,230
Tay Kim Huat, is a common director and substantial shareholder of Ornapaper Vietnam Co., Ltd., a subsidiary company of Orna ("OV") and Poh Huat Resources Berhad
OISBPoh Huat Woodwork (M) Sdn. Bhd., a subsidiary company of Poh Huat Resources BerhadSales of corrugated carton boxes

Total: RM68,757
Tay Kim Huat, is a common director and substantial shareholder of OV and Poh Huat Resources Berhad

The recurrent related party transactions are made in the ordinary course of business based on negotiated and mutually agreed terms.

Save as disclosed above, none of the other directors and/or major shareholders have any interest, direct or indirect, in the above transactions. The above transactions do not require the approval of the shareholders.

The Board of Directors of Orna, having considered the rationale for the transactions, is of the opinion that the transactions are in the best interest of the Group.


Announcement Info

Company NameORNAPAPER BERHAD  
Stock Name ORNA    
Date Announced25 Feb 2005  
CategoryGeneral Announcement
Reference NoCS-050221-42390



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