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OTHERS ADVANCECON HOLDINGS BERHAD ("ADVANCECON" OR "THE COMPANY") - LETTER OF AWARD ("LOA") FROM SKVE HOLDINGS SDN BHD TO ADVANCECON INFRA SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY

ADVANCECON HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description
ADVANCECON HOLDINGS BERHAD ("ADVANCECON" OR "THE COMPANY")
- LETTER OF AWARD ("LOA") FROM SKVE HOLDINGS SDN BHD TO ADVANCECON INFRA SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY

Introduction

The Board of Directors of Advancecon Holdings Berhad ("Advancecon" or the "Company") is pleased to announce that Advancecon Infra Sdn Bhd (“AISB”), a wholly-owned subsidiary of Advancecon, had on 27 November 2017 received and accepted the Letter of Award ("LOA") from SKVE Holdings Sdn Bhd (“SKVE”) for the appointment of AISB as a main-contractor for the Construction of Infrastructure Works (Package 1) for CadanganPembinaan Persimpangan Tanjung Dua Belas di KM 28.7 Lebuhraya Lembah Klang Selatan (E26:SKVE) in Mukim Teluk Panglima Garang, Daerah Kuala Langat, Selangor Darul Ehsan (“the Project”) for the total contract sum of RM75,500,000.00 only (the "Contract").

Pursuant to the Contract, the scope of works comprises: -

  1. Demolition, Site Clearance and Earthworks;
  2. Soil Treatment/Improvement Works;
  3. Bridge Works and Inlet/Outlet Works;
  4. Drainage Works;
  5. Pavement Works;
  6. Road Furniture:
  7. Environmental Protection Works;
  8. Traffic Management and Control; and
  9. Street Lightings and Mechanical and Electrical Infrastructure.

The completion period inclusive of any mobilization time shall be twenty-four (24) months from the date of commencement and as follows:-

No.

Milestone

Date

1

Site Mobilisation

1 December 2017

2

Site Possession and Date of Commencement

2 January 2018

3

Date of Completion

31 December 2019

AISB is principally involved in the business of providing earthworks and civil engineering services.

Risk Factors

There are no foreseeable significant risks other than operational risk associated with the Contract for the contract period.

Financial Effects

Barring any unforeseen circumstances, the Contract is expected to contribute positively towards the future earnings of Advancecon Group for the duration of the Contract and will not have any effect on the share capital and substantial shareholders’ shareholdings of Advancecon Group.

The Group intends to fund the Contract via internally generated funds and/ or external borrowing.

Directors' and Substantial Shareholders' Interest

None of the Directors or Substantial Shareholders of Advancecon or persons connected to them has any interest, direct or indirect, in the Contract.

Directors’ Statement

After due consideration, the Board is of the opinion that the Contract is in the best interest of the Group. The Contract is being entered into in the ordinary course of business and is not subject to the approval of shareholders.

This announcement is dated 28 November 2017.






Announcement Info

Company Name ADVANCECON HOLDINGS BERHAD
Stock Name ADVCON
Date Announced 28 Nov 2017
Category General Announcement for PLC
Reference Number GA1-28112017-00107




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