Announcements

Date : 21 February 2022

OTHERS CJ CENTURY LOGISTICS HOLDINGS BERHAD ("CJ CENTURY" OR "THE COMPANY") - VARIATION BETWEEN THE ACTUAL VALUE OF RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE TRANSACTED FROM ESTIMATED VALUE

CJ CENTURY LOGISTICS HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description
CJ CENTURY LOGISTICS HOLDINGS BERHAD ("CJ CENTURY" OR "THE COMPANY") - VARIATION BETWEEN THE ACTUAL VALUE OF RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE TRANSACTED FROM ESTIMATED VALUE

The Company had at its Twenty-Fourth Annual General Meeting held on 22 April 2021 obtained the mandate from its Shareholders for the Company and its subsidiaries (“CJ Group”) to enter into Recurrent Related Party Transactions of a Revenue or Trading Nature (“RRPT”) which are necessary for CJ Group’s day-to-day operations.

 

The RRPT was disclosed in the Company's Circular to Shareholders dated 30 March 2021 in relation to the Proposed Renewal of Existing Shareholders’ Mandate for RRPT and Proposed New Shareholders’ Mandate for New RRPT (“Circular”).


Pursuant to Paragraph 10.09(2)(e) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad and further to the announcements made on 29 October 2021, 18 November 2021, 6 December 2021, 29 December 2021, 17 January 2022 and 26 January 2022, in respect of the variation between the actual value and estimated value of transactions by 10% or more, the Board of Directors of the Company wishes to announce that the following RRPT has further exceeded the estimated value of RRPT disclosed in the Circular by more than 10%:-

 

Transacting Party

Nature of RRPT

Estimated aggregate value of the RRPT as disclosed in the Circular (RM’000)

Actual value transacted as at 20 February 2022 (RM’000)

Difference between Actual Value and Estimated Value (RM’000)

Percentage of difference between Actual Value and Estimated Value (%)

CJ Logistics Corporation (“CJ Logistics”)

 

 

 

Provision of logistics services by CJ Logistics to CJ Korea Express Malaysia Sdn. Bhd. (“CJKX”)

 

10,000

21,582

11,582

116

 

#CJ Logistics is the holding company of CJ Logistics Asia Sdn. Bhd., a Major Shareholder of the Company.
#CJKX is the wholly-owned subsidiary of the Company.


The Company has exceeded the estimated value of RRPT as the ocean freight rates have soared greatly for all trade routes since September 2020 due to the ongoing impacts of the COVID-19 pandemic and increase in volume in customers' import shipments.


This announcement is dated 21 February 2022.






Announcement Info

Company Name CJ CENTURY LOGISTICS HOLDINGS BERHAD
Stock Name CJCEN
Date Announced 21 Feb 2022
Category General Announcement for PLC
Reference Number GA1-21022022-00022


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