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OTHERS ADVANCECON HOLDINGS BERHAD ("ADVANCECON" OR "THE COMPANY") - LETTER OF AWARD ("LOA") FROM SIME DARBY USJ DEVELOPMENT 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 SIME DARBY USJ DEVELOPMENT 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 6 August 2018 received and accepted the Letter of Award ("LOA") from Sime Darby USJ Development Sdn Bhd (“Sime Darby USJ Development”) for the appointment of AISB as the contractor for the Proposed Construction and Completion of River Upgrading works for Sungai Puloh and Sungai Parit Enam at Bandar Bukit Raja Stage 2, Mukim Kapar, District of Klang, Selangor Darul Ehsan for the total contract sum of RM27,338,009.00 only (“the Contract”).

 

Pursuant to the Contract, the scope of works including but not limited to the followings:-

 

  1. River upgrading works using permanent concrete sheet pile with capping beam; and

 

  1. Diversion channel/ temporary earth drains, sediment fence and all temporary works.

 

The contract period shall be for a period of 12 months commencing from 20 August 2018 and shall be completed by 19 August 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 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 7 August 2018.






Announcement Info

Company Name ADVANCECON HOLDINGS BERHAD
Stock Name ADVCON
Date Announced 07 Aug 2018
Category General Announcement for PLC
Reference Number GA1-07082018-00035




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