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OTHERS ADVANCECON HOLDINGS BERHAD ("ADVANCECON" OR "THE COMPANY") - LETTER OF AWARD ("LOA") FROM JURUTERA TSSC LIM 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 JURUTERA TSSC LIM 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 17 July 2018 received and accepted the Letter of Award ("LOA") from Jurutera TSSC Lim Sdn Bhd (“JTLSB”) for the appointment of AISB as the contractor for Stage 2 Earthwork for Cadangan Serah Balik Dan Berimilik Semula Dibawah Seksyen 204D Kanun Tanah Negara Untuk Pembangunan Bercampur Perumahan Dan Perniagaan Di Atas PT9 (H.S.(D)22219), Mukim Bukit Raja, Daerah Petaling, Seksyen U12, Shah Alam, Selangor Darul Ehsan untuk Tetuan Eco Ardence Sdn Bhd (“the Contract”).

Pursuant to the Contract, the scope of works including but not limited to the followings, for the total contract sum of RM20,509,670.00 only:-

  1. Earthworks;
  2. Drainage Works, Main Drain, Box Culvert, Reinforced Concrete (“RC”) Drop Structures, RC Sumps and RC Control Structure;
  3. Blasting and crushing rock materials for filling within the site; and
  4. Other works indicated in the drawings.

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 during 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 borrowings.

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

The Board of Directors, after due consideration, 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 17 July 2018.

 






Announcement Info

Company Name ADVANCECON HOLDINGS BERHAD
Stock Name ADVCON
Date Announced 17 Jul 2018
Category General Announcement for PLC
Reference Number GA1-17072018-00036




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