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OTHERS GDB HOLDINGS BERHAD ("GDB" OR "THE COMPANY") - LETTER OF ACCEPTANCE FROM TRANS RESOURCES CORPORATION SDN BHD TO GRAND DYNAMIC BUILDERS SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY

GDB HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description
GDB HOLDINGS BERHAD ("GDB" OR "THE COMPANY")
- LETTER OF ACCEPTANCE FROM TRANS RESOURCES CORPORATION SDN BHD TO GRAND DYNAMIC BUILDERS SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY

1. INTRODUCTION

 

The Board of Directors of GDB (“Board”) is pleased to announce that Grand Dynamic Builders Sdn Bhd (“GDBSB”), a wholly-owned subsidiary of GDB, had on 27 March 2019 accepted the Letter of Acceptance from Trans Resources Corporation Sdn Bhd as the Principal Works Contractor for main builder’s works - architectural, civil & structural works and mechanical & electrical works for the proposed mixed development of Phase 1 consisting 2 serviced apartments (residential) – 18-storey (Block 3A & 3B – 648 units) on a 8-storey podium with 7-storey car park (1-storey car park for park and ride) and 1-storey related facility on top of podium on Lot PT35597, Jalan Lapangan Terbang Subang, Mukim Damansara, Daerah Petaling, PJU 1A, Ara Damansara, Petaling Jaya for a total contract value of RM135.0 million only (the “Contract”).

 

The Contract shall commence on 16 April 2019 for duration of 30 months and is scheduled to be completed by 15 October 2021.

 

2. RISK FACTORS

 

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

 

3. FINANCIAL EFFECTS

 

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

 

GDB intends to fund the Contract via internal generated funds.

 

4. DIRECTORS’ AND SUBSTANTIAL SHAREHOLEDRS’ INTEREST

 

None of the Directors or substantial shareholders of GDB or persons connected to them has any interest, direct or indirect, in the Contract.

 

5. DIRECTORS’ STATEMENT

 

The Board, 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 27 March 2019.

 

 






Announcement Info

Company Name GDB HOLDINGS BERHAD
Stock Name GDB
Date Announced 27 Mar 2019
Category General Announcement for PLC
Reference Number GA1-27032019-00026




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