|
30 April 2009
1. PROPOSED RENEWAL OF SHAREHOLDERS’ MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS AND PROPOSED NEW SHAREHOLDERS’ MANDATE FOR ADDITIONAL RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE (“PROPOSED SHAREHOLDERS’ MANDATE”); AND
2. PROPOSED RENEWAL OF AUTHORITY FOR THE PURCHASE BY KINSTEEL OF ITS OWN SHARES OF UP TO 10% OF THE ISSUED AND PAID UP SHARE CAPITAL OF KINSTEEL (“PROPOSED SHARE BUY-BACK”).
The Company had on 11 June 2008 obtained its shareholders’ mandates to enter into recurrent related party transactions which are necessary for the day-to-day operations of Kinsteel and its subsidiary companies and to purchase in aggregate of up to 10% of its issued and paid-up share capital. The said mandates shall lapse at the conclusion of the forthcoming annual general meeting (“AGM”) of Kinsteel, unless approval for its renewal is obtained from the shareholders of the Company at the forthcoming Extraordinary General Meeting (“EGM”) following the conclusion of the forthcoming AGM.
In connection thereto, the Company wishes to announce that it intends to seek the approval of its shareholders for the Proposed Shareholders’Mandate and the Proposed Share Buy-Back at its forthcoming EGM.
A circular setting out the details of the Proposed Shareholders’ Mandate and the Proposed Share Buy-Back will be despatched to the shareholders of the Company in due course.
This announcement is dated 30 April 2009.
|
