General Announcement

Reference No CC-130426-41778

Company Name

:

IRE-TEX CORPORATION BERHAD

Stock Name

:

IRETEX

Date Announced

:

26/04/2013

     
Type

:

Announcement

Subject

:

OTHERS

Description

:

PROPOSED RENEWAL OF SHAREHOLDERS' MANDATE FOR IRE-TEX CORPORATION BERHAD ("ITCB" OR "THE COMPANY") AND ITS SUBSIDIARIES ("ITCB GROUP") TO ENTER INTO RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE ("SHAREHOLDERS' MANDATE")
 
At its Annual General Meeting ("AGM") held on 28 June 2012, the Company obtained a Shareholders' Mandate for ITCB Group to enter into recurrent related party transactions which are necessary for the ITCB Group's day to day operations and in the ordinary course of business based on commercial terms which are not more favourable to the related parties than those generally available to the public or unrelated third parties and are not detrimental to the minority shareholders of the Company.
The said Shareholders' Mandate shall, in accordance with the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“Listing Requirements”), expire at the conclusion of the Annual General Meeting (“AGM”) following that at which it was obtained, unless a resolution is passed at the said AGM for its renewal.

Pursuant to Paragraph 10.09 of the Listing Requirements and Practice Note 12 the Company proposes to seek a renewal of Shareholders' Mandate at the forthcoming AGM of the Company.

A circular to shareholders containing information on the above Shareholders’ Mandate together with the Notice of AGM will be issued in due course.

This announcement is dated 26 April 2013.