Property - Guthrie GTS Ltd

Directors’ Report
For the financial year ended 31 December 2010
Interested person transactions
The aggregate value of the interested person transactions entered into during the financial year are set out below.
Aggregate value of all
interested person transactions
Aggregate value of all
during the financial year
interested person transactions
under review (excluding transactions
conducted under shareholders’
less than $100,000 and transactions mandate pursuant to Rule 920
conducted under shareholders’ mandate
of the SGX-ST Listing Manual
Name of interested person pursuant to Rule 920 of the SGX-ST Listing Manual) (excluding transactions less than $100,000)
$’000 $’000
Ben Yeo Chee Seong:
– Award of a main construction 24,655 N nil
contract to a wholly-owned subsidiary
of the Company and the provision of
project management services by
the said subsidiary
The Audit Committee has reviewed the terms of the above interested person transactions and is of the view that the transactions are on normal commercial
terms and are not prejudicial to the interests of the Company and its minority shareholders.
Audit Committee
The Audit Committee carried out its functions in accordance with Section 201B(5) of the Singapore Companies Act (Cap. 50), including a review of the
balance sheet of the Company and the consolidated financial statements of the Group for the financial year and the independent auditor’s report thereon.
The nature and extent of the functions performed by the Audit Committee are further described in the Annual Report under the heading on Corporate
Governance Statement.
The Audit Committee has nominated PricewaterhouseCoopers LLP for re-appointment as independent auditor of the Company at the forthcoming Annual
General Meeting of the Company.
Independent Auditor
The independent auditor, PricewaterhouseCoopers LLP, has expressed its willingness to accept re–appointment.
On behalf of the Board of Directors
Putra Masagung
Director
Ben Yeo Chee Seong
Director
28 March 2011
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