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OTHERS ADVANCECON HOLDINGS BERHAD (ADVANCECON OR THE COMPANY) - LETTER OF AWARD (LOA) FROM SIME DARBY SERENIA 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 SERENIA 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 23 November 2018 received and accepted the Letter of Award ("LOA") from Sime Darby Serenia Development Sdn Bhd (“Sime Darby Serenia Development”) for the appointment of AISB as the contractor for the Proposed Construction and Completion of Package 2D, Service Reservoir (8.0 MLD) and Appurtenance Works for Phase 2, Serenia City, Mukim Dengkil, District of Sepang, Selangor Darul Ehsan for the total contract sum of RM18,812,078.00 only (“the Contract”).

 

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

 

  1. Pipeworks (Service Reservoir);
  2. Structural Works (Service Reservoir);
  3. Water Pipe Works;
  4. Roadworks;
  5. Drainage Works; and
  6. Street Lighting Services.

 

The contract period shall be for a period of 12 months commencing from 3 December 2018 and shall be completed by 2 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 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 23 November 2018.






Announcement Info

Company Name ADVANCECON HOLDINGS BERHAD
Stock Name ADVCON
Date Announced 23 Nov 2018
Category General Announcement for PLC
Reference Number GA1-23112018-00016




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