| Type | Announcement |
| Subject | Recurrent Related Party Transaction Pursuant to Paragraphs 10.02 and 10.08 of Bursa Malaysia Securities Berhad Listing Requirements ("Bursa Malaysia LR") |
On 30 July 2004, Malayan Banking Berhad ("Maybank") had announced that its subsidiary, Mayban Ventures Sdn Bhd had via its subsidiary, Kerlipan Bersinar Sdn Bhd on 29 July 2004 disposed Inter-City MPC (M) Sdn. Bhd. ("ICM") to Datu Haji Subirin bin Haji Sahan and Baeiah binti Jikun (“the Purchasers”).
On 29 July 2004, HeiTech Padu Berhad ("HeiTech") had announced that it had acquired 90% of shareholding interest in ICM from the Purchasers.
2. Details of Transaction
Pursuant to the above acquisition of ICM by HeiTech, Maybank wishes to inform that there is a Recurrent Related Party Transaction ("RRPT") with HeiTech, the holding company of ICM, as per item 3 below, pursuant to Paragraphs 10.02 and 10.08 of Bursa Malaysia LR, based on the following existing agreements between Maybank and ICM-
| No | Date Of Agreement Between ICM and Maybank |
Period Of Agreement | Type Of services |
Contract amount/estimated value per annum |
| 1 | 23.4.2004 | 5 years commencing from the date of the agreement | Report processing, printing and delivery of batch reports | RM1.08 million per annum (RM5.4 million for 5 years) |
| 2 | 26.7.2004 | Continuous until written notice to terminate by either party | Mass documentation and processing services | RM5.2 million per annum |
3. Recurrent Related Party
This is an RRPT by virtue of the above agreements and as Dato' Mohd. Hilmey bin Mohd Taib who is a director of HeiTech was previously a director of Maybank and Mayban Securities Sendirian Berhad, a subsidiary of Maybank. Dato’ Mohd Hilmey currently is a director in Maybank Philippines Incorporated, also a subsidiary of Maybank.
The RRPT is made in the ordinary course of business on normal commercial terms which are not favorable to the related parties than those generally available to the public.
Approvals Required
No approval from the shareholders of Maybank and the relevant authorities are required.
Directors' and Substantial Shareholders' Interest
Save as disclosed herein and as far as the directors are able to ascertain, none of the other directors and/or major shareholders of Maybank and its subsidiaries and/or persons connected to them has any interest direct or indirect in the RRPT.
Statement of the Directors
The Board of Maybank having taken into consideration all relevant facts and merit of the RRPT, is of the opinion that the transaction is in the best interest of Maybank and its shareholders.
| Company Name | MALAYAN BANKING BERHAD |
| Stock Name | MAYBANK |
| Date Announced | 2 Aug 2004 |
| Category | General Announcement |
| Reference No | MB-040802-86016 |