Perusahaan Sadur Timah Malaysia (Perstima) Berhad Seeks Shareholder Approval for Renewal of Related Party Transaction Mandate
Key Highlights for Investors
- Perstima Berhad is seeking shareholder approval at its upcoming 48th Annual General Meeting (AGM) on 27 August 2026 for the proposed renewal of its shareholders’ mandate to enter into recurrent related party transactions (RRPT) of a revenue or trading nature.
- The transactions mainly involve significant purchases and sales between Perstima and the JFE Shoji Group, a major shareholder and related party.
- The estimated transaction value for the coming mandate reaches up to RM1.33 billion, underlining the substantial financial impact and importance of these relationships to Perstima’s business operations.
- Both JFE Shoji (16.15% shareholding) and JFE Steel Corporation (11.23% shareholding) are major shareholders and will abstain from voting on this resolution, as required by Bursa regulations.
- The bulk of Perstima’s business with related parties is the purchase of Tin Mill Black Plate (TMBP), a key raw material making up 75% of production costs.
- All transactions are subject to strict internal controls, competitive pricing procedures, and annual review by the Audit Committee to protect minority shareholders.
- There are no material litigations or non-ordinary-course contracts affecting the Group.
Detailed Overview of the RRPT Mandate Renewal
At the upcoming AGM, Perstima will ask shareholders to renew the authority to conduct RRPTs with related parties, mainly the JFE Shoji Group, which are considered necessary for the Group’s day-to-day operations. This renewal is a standard annual process but is critical given the sheer scale and importance of these transactions to Perstima’s revenue, cost structure, and supply chain security.
Nature and Value of Transactions
- Purchases from JFE Shoji Group: The Group expects to purchase raw materials, notably TMBP, tin, chemicals, and plant/machinery from JFE Shoji and other related entities, with an estimated value of RM1.306 billion for the financial year 2027.
- Sales to JFE Shoji Group: Perstima also sells tinplates to JFE Shoji, with an estimated value of RM25 million for the coming year.
- Aggregate Transaction Value: The total estimated value of RRPTs for the mandate period is RM1.331 billion.
- For the previous mandate, actual values transacted up to 30 June 2026 totaled RM616.8 million.
Relationships and Shareholdings
- JFE Shoji is a long-standing business partner and a significant shareholder of Perstima, holding 16.15% of the company’s shares.
- JFE Steel Corporation, also under JFE Holdings Inc., holds 11.23% of Perstima’s shares.
- Other related entities in the JFE Shoji Group are involved in various supply and purchase transactions with Perstima.
Pricing and Safeguards for Minority Shareholders
- The company has robust procurement and pricing procedures:
- Obtaining quotations from multiple suppliers on a regular basis for key materials (e.g., TMBP, chemicals).
- Selection by a Bid Committee on the basis of price, quality, reliability, and delivery timing.
- Where feasible, at least two contemporaneous transactions with unrelated parties are used as benchmarks to ensure fair pricing.
- Any RRPTs above RM15 million must be approved by non-interested directors.
- All procedures and compliance are reviewed at least annually by the Audit Committee.
- Audit Committee (Chair: Mastura binti Mansor) has confirmed adequacy of procedures to protect shareholder interests.
Rationale and Potential Impact
- The renewal of the RRPT mandate is administrative and enables Perstima to conduct essential business with related parties without the need for repeated EGM approvals, saving time and costs.
- The related party transactions are viewed as beneficial, allowing Perstima to secure raw materials and equipment from reliable vendors at competitive rates, supporting its position as Malaysia’s sole prime tinplate manufacturer.
- Share price impact: Given the scale of these related party transactions and their direct impact on Perstima’s cost base, supply chain, and revenue generation, any material change in the relationship or mandate could significantly affect Perstima’s future earnings, operational stability, and market perception.
What Shareholders Need to Know
- The mandate, if not renewed, could disrupt Perstima’s supply chain and operations, potentially impacting earnings.
- JFE Shoji and JFE Steel Corporation (and persons connected to them) will abstain from voting; independent shareholders will decide.
- Minority protections and comprehensive compliance procedures are in place, minimizing risk of unfair transactions.
- No outstanding receivables from related parties as of 31 March 2026, reflecting sound credit management.
- No ongoing material litigation or unusual contracts, supporting a stable business outlook.
Conclusion and Recommendation
The Board has recommended shareholders’ approval for the renewal, citing fairness, reasonableness, and business necessity. Investors should note the high value and strategic importance of these transactions. Any disruption or non-renewal could be price sensitive, affecting Perstima’s share performance.
AGM Details
- Date & Time: Thursday, 27 August 2026, 2:30 p.m.
- Venue: Corporate Meetings by Envivo, Ground Floor, Lobby 1, Crystal Plaza, No. 4, Jalan 51A/223, Petaling Jaya, Selangor
- Proxy Submission Deadline: Tuesday, 25 August 2026, 2:30 p.m.
Disclaimer
This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. Investors should conduct their own due diligence and consult their financial adviser before making investment decisions.
Versi Bahasa Malaysia
Perstima Berhad Mohon Kelulusan Pemegang Saham untuk Pembaharuan Mandat Urus Niaga Pihak Berkaitan
Perkara Penting untuk Pelabur
- Perstima Berhad memohon kelulusan pemegang saham pada Mesyuarat Agung Tahunan (AGM) ke-48 pada 27 Ogos 2026 untuk pembaharuan mandat yang membenarkan urus niaga pihak berkaitan berulang (RRPT) yang melibatkan hasil dan perdagangan.
- Urus niaga utama melibatkan pembelian dan penjualan antara Perstima dan Kumpulan JFE Shoji, pemegang saham utama dan pihak berkaitan.
- Anggaran nilai urus niaga bagi mandat kali ini mencecah RM1.33 bilion, menunjukkan kepentingan hubungan ini kepada operasi dan kewangan Perstima.
- JFE Shoji (16.15%) dan JFE Steel Corporation (11.23%) akan berkecuali daripada mengundi atas resolusi ini.
- Kebanyakan urus niaga melibatkan pembelian Tin Mill Black Plate (TMBP) yang membentuk 75% kos pengeluaran.
- Semua urus niaga tertakluk kepada kawalan dalaman, proses harga kompetitif, dan semakan tahunan oleh Jawatankuasa Audit untuk melindungi pemegang saham minoriti.
- Tiada litigasi material atau kontrak luar biasa yang menjejaskan Kumpulan.
Butiran Urus Niaga Pihak Berkaitan
- Pembelian dari Kumpulan JFE Shoji: Dianggar bernilai RM1.306 bilion untuk tahun kewangan 2027.
- Jualan kepada Kumpulan JFE Shoji: Dianggar bernilai RM25 juta untuk tahun hadapan.
- Jumlah Nilai RRPT: RM1.331 bilion.
- Urus niaga sebenar sehingga 30 Jun 2026 berjumlah RM616.8 juta.
Perlindungan Pemegang Saham Minoriti
- Proses kawalan dan perbandingan harga ketat, termasuk perbandingan dengan pihak ketiga tidak berkaitan.
- Urus niaga melebihi RM15 juta mesti diluluskan oleh pengarah tidak berkepentingan.
- Jawatankuasa Audit mengesahkan kecukupan prosedur dan kepatuhan kepada garis panduan.
Impak Potensi kepada Harga Saham
- Pembaharuan mandat penting untuk kesinambungan operasi dan kestabilan kewangan Perstima.
- Jika tidak diperbaharui, operasi dan keuntungan boleh terjejas dan mungkin beri kesan kepada harga saham.
- Tiada hutang lapuk kepada pihak berkaitan setakat 31 Mac 2026.
- Tiada litigasi atau kontrak luar biasa yang sedang berjalan.
Kesimpulan dan Syor
Lembaga Pengarah menyarankan agar pemegang saham meluluskan pembaharuan ini demi kemampanan perniagaan dan faedah semua pihak. Apa-apa perubahan ketara boleh mempengaruhi prestasi saham Perstima.
Butiran AGM
- Tarikh & Masa: Khamis, 27 Ogos 2026, 2:30 petang
- Tempat: Corporate Meetings by Envivo, Ground Floor, Lobby 1, Crystal Plaza, No. 4, Jalan 51A/223, Petaling Jaya, Selangor
- Tarikh Akhir Penyerahan Proxy: Selasa, 25 Ogos 2026, 2:30 petang
Penafian
Artikel ini adalah untuk tujuan maklumat sahaja dan bukan nasihat pelaburan. Pelabur harus membuat penilaian sendiri dan mendapatkan nasihat kewangan sebelum membuat keputusan pelaburan.
