CSC HOLDINGS LIMITED Interested Person Transaction::Interested Person Transanctions pursuan...http://infopub.sgx.com/Apps?A=COW_CorpAnnouncement_Conten...
Interested Person Transaction::Interested Person Transanctions pursuant to Rule 905(2) of the Listing Manual - Biweekly Update
Issuer & Securities
Issuer/ Manager | CSC HOLDINGS LIMITED |
Securities | CSC HOLDINGS LTD - SG1F84861094 - C06 |
Stapled Security | No |
Announcement Details
Announcement Title | Interested Person Transaction |
Date & Time of Broadcast | 11-Jan-2019 17:08:39 |
Status | New |
Announcement Sub Title | Interested Person Transanctions pursuant to Rule 905(2) of the Listing Manual - Biweekly Update |
Announcement Reference | SG190111OTHRWV1V |
Submitted By (Co./ Ind. Name) | Lee Quang Loong |
Designation | Company Secretary |
Description (Please provide a detailed description of the event in the box below) | Please refer to the attachment. |
Additional Details
Interested Person Details | Please refer to the attachment. |
Attachments | IPT Announcement - Biweekly Update.pdf Total size =178K |
Share
Tweet
1 of 1
11/1/2019, 5:09 PM
CSC HOLDINGS LIMITED
Co Registration No. 199707845E
ANNOUNCEMENT OF INTERESTED PERSON TRANSACTIONS PURSUANT TO RULE 905(2) OF
THE LISTING MANUAL - BIWEEKLY UPDATE
1. Introduction
1.1 The Board of Directors ("Directors") of CSC Holdings Limited (the "Company" and together with its subsidiaries, the "Group") refers to the announcement made by the Company on 11
October 2018 (the "IPT Announcement") and the biweekly update announcements dated 29
October 2018, 13 November 2018, 28 November 2018, 11 December 2018 and 27 December 2018. Unless otherwise stated, capitalized terms used in this announcement shall have the same meaning ascribed to them in the IPT Announcement.
1.2 In the IPT Announcement, the Company disclosed that the Group, from time to time, enters into various recurring interested person transactions ("IPTs") with the following interested persons
in the ordinary course of business:
(a) Tat Hong HeavyEquipment (Pte) Ltd ("THHE");
(b) Tat Hong Plant Leasing Pte Ltd ("THPL");
(c) Tat Hong (Thailand) Co., Ltd ("THT");
(d) CMC Construction Pte Ltd ("CMC");
(e) Tat Hong HeavyEquipment (HK) Ltd ("THHEHK");
(f) THAB Development Sdn Bhd ("THAB"); and
(g) WB TOP3 Development Sdn Bhd ("WB TOP3", and collectively with THHE, THPL, THT, CMC, THHEHK and THAB, the "IPT Group").
1.3 THAB is a joint venture among L & M Ground Engineering Sdn Bhd ("LMGE") (which is a wholly owned subsidiary of the Company), Tat Hong International Pte Ltd ("THI"), AME Land
Sdn Bhd and BP Lands Sdn Bhd. LMGE and THI hold 5% and 25% equity shares in THAB respectively. THAB is an associated company of THI.
THI, THHE, THPL, THT, CMC and THHEHK are related corporations of TH Investments Pte Ltd, a substantial shareholder of the Company.
1.4 WB TOP3 is a joint venture among CS Real Estate Investments Pte Ltd ("CSREI") (which is a wholly owned subsidiary of the Company), Triplestar Properties Sdn Bhd ("TSP"), Bluecrest
Holding Pte Ltd and WB Land (Ainsdale) Sdn Bhd. CSREI and TSP hold 19% each of the equity shares in WB TOP3.
1 | Page
CSC HOLDINGS LIMITED
Co Registration No. 199707845E
TSP is deemed associate of a controlling shareholder of the Company and it is considered "interested person" for the purposes of Chapter 9 of the Listing Manual (the "Listing Manual") of the Singapore Exchange Securities Trading Limited ("SGX-ST").
1.5 For the purposes of Rule 908 of the Listing Manual, the IPT Group is treated as the same interested person. The value of the transactions entered into between the Group and the IPT Group are aggregated for the purpose of assessing whether the designated financial thresholds under Rule 905 of the Listing Manual are triggered.
1.6 Rule 905(2) of the Listing Manual provides that if aggregate value of transactions entered into with the same interested person during the same financial year amounts to 3% or more of the Group's latest audited net tangible assets, the Company must: (i) make an immediate announcement of the latest transaction, and (ii) all future transactions entered into with that same interested person during that financial year.
1.7 In the IPT Announcement, the Company undertook to provide updates to its shareholders on any future IPTs entered into by the Group with the IPT Group on a biweekly basis (i.e. once every two weeks), until the total value of all such IPTs represent 4% of the Group NTA (as defined below), and in which case the Company will make an immediate announcement disclosing this fact.
2. UPDATE
2.1 Pursuant to Rule 905(2) of the Listing Manual, the Company wishes to update that the Group has entered into the following IPTs with the IPT Group for the period from 1 April 2018 to 31 December 2018:
Name | Details of IPTs | Aggregate Value of IPTs (S$'000) | ||
1 April 2018 to 15 December 2018 (As per biweekly update announcements) | 16 December 2018 to 31 December 2018 | 1 April 2018 to 31 December 2018 | ||
THHE | Rental of office space, yard and workers' accommodation by the Group from THHE. These IPTs were entered into by the Group on an arm's length basis in its ordinary course of business. The rental rate was arrived at on a willing buyer-willing seller basis, taking into consideration prevailing market rates. | 1,567 | 132 | 1,699 |
2 | Page
CSC HOLDINGS LIMITED
Co Registration No. 199707845E
Name | Details of IPTs | Aggregate Value of IPTs (S$'000) | ||
1 April 2018 to 15 December 2018 (As per biweekly update announcements) | 16 December 2018 to 31 December 2018 | 1 April 2018 to 31 December 2018 | ||
THPL |
These IPTs were entered into by the Group on an arm's length basis in its ordinary course of business. The rental rate and the service fee were arrived at on a willing buyer-willing seller basis, taking into consideration prevailing market rates. | 2,664 406 | 100 - | 2,764 406 |
THT | Sale of machinery by the Group to THT. This IPT was entered into by the Group on an arm's length basis in its ordinary course of business and the selling price was arrived at on a willing buyer-willing seller basis, taking into consideration prevailing market rates. | 259 | - | 259 |
CMC | Provision of construction work services by the Group to CMC. This IPT was entered into by the Group on an arm's length basis in its ordinary course of business and the service fee was arrived at on a willing buyer-willing seller basis, taking into consideration prevailing market rates. | 586 | (142)^ | 444 |
3 | Page
CSC HOLDINGS LIMITED
Co Registration No. 199707845E
Name | Details of IPTs | Aggregate Value of IPTs (S$'000) | ||
1 April 2018 to 15 December 2018 (As per biweekly update announcements) | 16 December 2018 to 31 December 2018 | 1 April 2018 to 31 December 2018 | ||
THHEHK | Rental of machinery by the Group to THHEHK. This IPT was entered into by the Group on an arm's length basis in its ordinary course of business and the rental rate was arrived at on a willing buyer-willing seller basis, taking into consideration prevailing market rates. | 112 | (2) | 110 |
THAB | Shareholder's loan granted by the Group to THAB. This IPT was entered into by the Group pursuant to the shareholders agreement in relation to THAB dated 25 October 2013. Please refer to the Company's announcement issued on 25 October 2013 for further details. | 459 | - | 459 |
Subtotal | 6,053 | 88 | 6,141 | |
WB TOP3 | Shareholder's loan granted by the Group to WB TOP3. This IPT was entered into by the Group pursuant to the shareholders agreement in relation to WB TOP3 dated 14 September 2017. Please refer to the Company's announcement issued on 14 September 2017 for further details. | 972 | - | 972 |
Total | 7,025 | 88 | 7,113 | |
^ Revision of progress claims.
4 | Page
Attachments
- Original document
- Permalink
Disclaimer
CSC Holdings Ltd. published this content on 11 January 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 11 January 2019 09:43:05 UTC
