30-04-2025
- Business
- New Straits Times
Eversendai seeks shareholder nod for related-party transactions, including RM250mil deal
KUALA LUMPUR: Eversendai Corporation Bhd is seeking shareholders' approval to renew its mandate for recurrent related-party transactions, including a deal worth up to RM250 million.
The deal involves the group's Dubai-based subsidiary, Eversendai Offshore RMC FZE, which will provide services to Vahana Offshore (M) Sdn Bhd, a company linked to Eversendai's executive chairman Tan Sri Nathan Elumalay.
In a circular to shareholders, Eversendai said the mandate allows the group to continue conducting regular business with companies connected to its top executives and major shareholders.
The group said the approval is necessary to continue transactions that are part of its day-to-day operations, including the rental of office and staff accommodation, and the provision of engineering and fabrication services for the oil and gas industry.
Other related-party transactions include property rentals to Eversendai units in Dubai and Sharjah, estimated at between RM300,000 and RM1.75 million each.
Eversendai said the transactions are carried out at market rates and are essential to support its business operations.
The company also confirmed that none of the related parties had overdue payments as of the end of 2024.
If approved, the mandate will take effect on June 10, the date of Eversendai's upcoming annual general meeting (AGM), and remain valid until the next AGM.
