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OTHERS ADVANCECON HOLDINGS BERHAD (ADVANCECON OR THE COMPANY) - LETTER OF AWARD (LOA) FROM WORLDWIDE PROPERTY MANAGEMENT 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 WORLDWIDE PROPERTY MANAGEMENT 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 28 December 2017 received and accepted the Letter of Award ("LOA") from Worldwide Property Management Sdn. Bhd. (“WPMSB”) for the appointment of AISB as a main-contractor for the earthworks and ancillary works for Alam Perdana Development (439 arces) at PT 28593, PT28594 and PT 28595, PT 27896 and Lot 4288, Mukim Ijok, Daerah Kuala Selangor, Selangor Darul Ehsan (“Project”) for the total contract sum of RM45,830,897.60 only (the "Contract").

 

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

 

  1. Preliminaries
  2. Site Clearance and Earthworks at Phase 1 (All provisional)
  3. Site Clearance and Earthworks at Phase 2 (All provisional)
  4. Ground Treatment Works (All provisional)
  5. Detention Pond (All provisional)
  6. Drainage Diversion (All provisional)
  7. Arch Culvert (All provisional)

 

The date of commencement and possession of the site and the date for sectional completion are as follows:-

 

Section

Date of commencement and site possession

Date for sectional completion

Completion period (months)

Phase 1A

15 January 2018

14 July 2018

6

Phase 1B

15 January 2018

14 November 2018

10

Phase 2

15 January 2018

14 July 2019

18

 

 

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 29 December 2017.






Announcement Info

Company Name ADVANCECON HOLDINGS BERHAD
Stock Name ADVCON
Date Announced 29 Dec 2017
Category General Announcement for PLC
Reference Number GA1-29122017-00042




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