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ANNOUNCEMENT ON RECURRENT RELATED PARTY TRANSACTION

MALAYSIAN BULK CARRIERS BERHAD

Type

Announcement
SubjectANNOUNCEMENT ON RECURRENT RELATED PARTY TRANSACTION

Contents :

Pursuant to paragraph 10.08 of the Listing Requirements of Bursa Securities and paragraph 2.1 of Practice Note 12/2001, Malaysian Bulk Carriers Berhad (“MBC”) wishes to announce that its wholly-owned subsidiary, Everspeed Enterprises Ltd has entered into 1 time charter (“Charter Party”) with PCL (Shipping) Pte. Ltd. This is a recurrent transaction of a revenue and/or trading nature as PCL (Shipping) Pte. Ltd. is a wholly-owned subsidiary of Pacific Carriers Ltd. (“PCL”), which in turn is a major shareholder of MBC.


The Charter Party is based principally on New York Produce Exchange terms and the total charter hire payable for the contract is approximately US$860,000 with such adjustments as may be provided for under the Charter Party. The charter hire rate was negotiated on an arms length basis taking into account the prevailing market conditions and was concluded in the ordinary course of business, on normal commercial terms not more favourable to the related party than those generally available to the public and are not detrimental to the minority shareholders.

The transaction does not have any material adverse financial effect on the earnings per share, net tangible assets per share, share capital and substantial shareholder’s shareholding in MBC.

The Directors of MBC, namely Mr Teo Joo Kim, Mr Kuok Khoon Kuan and Mr Wu Long Peng, are deemed to be interested in the transaction by virtue of their directorships in PCL. PCL is a wholly owned subsidiary of Kuok (Singapore) Ltd, and the latter is thus deemed interested in the transaction.

Save as disclosed above and as far as the Board of Directors of MBC is aware, none of the other Directors and major shareholders of MBC and/or persons connected with them, have any interest, direct or indirect, in the above transaction. No approval of the Company’s shareholders or of any government authorities is required.

The Board of Directors (save for the interested Directors) having considered all aspects of the transaction, is of the opinion that it is in the best interest of the Company and its shareholders.

This announcement is dated 16 August 2006.



Announcement Info

Company NameMALAYSIAN BULK CARRIERS BERHAD  
Stock Name MAYBULK    
Date Announced16 Aug 2006  
CategoryGeneral Announcement
Reference NoCU-060816-49767


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