PERAK CORPORATION BERHAD (210915-U)
OUTSTANDING RELATED PARTY RECEIVABLES
Perak Corporation Berhad (“Company”) wishes to announce the following in response to the
directive from Bursa Malaysia Securities Berhad dated 21 May 2010 in relation to the outstanding
related party receivables.
(i) Total outstanding from related party receivables as at 30 June 2012 is as follows:
a) 1 year to 3 years 5,074
b) > 3 years to 5 years 6,737
c) > 5 years to 10 years 89,844
d) > 10 years -
(ii) The Company had on 28 February 2012 entered into a conditional Settlement Agreement
with Perak Equity Sdn Bhd (“PESB”) to partially settle the total debt of RM104.62 million
owing as at 31 December 2011 by PESB to the Company by way of set-off against the total
purchase consideration of RM70.27 million for two (2) properties to be acquired by the
Company from PESB (“Proposed Settlement”).
PESB is a wholly owned subsidiary of Perbadanan Kemajuan Negeri Perak which in turn is
the immediate holding corporation of the Company, holding a total of 52,898,403 ordinary
shares of RM1.00 each in the Company, representing an equity interest of approximately
52.9% as at the date of this announcement.
The resolutions with respect to the Proposed Settlement have been duly approved by the
shareholders of the Company at the Extraordinary General Meeting held on 26 July 2012.
Currently, action is being taken by the parties to complete the above mentioned transactions.
(iii) On-going negotiations are being carried out by the Company with the other related party
towards the settlement of the outstanding balances.
This announcement is dated 29 August 2012.