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OTHERS ADVANCECON HOLDINGS BERHAD ("ADVANCECON" OR "THE COMPANY") - LETTER OF AWARD ("LOA") FROM G&P INFRA 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 G&P INFRA 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 29 July 2019 received and accepted the Letter of Award ("LOA") from G&P Infra Sdn Bhd (“G&P Infra”) for the appointment of AISB as the contractor for the Proposed Construction and Completion of site clearing, earthworks, retaining structure, main drain and associated infrastructure works for Cadangan Pembangunan Perumahan and Perniagaan di atas PT 47384 and PT 47385, Ladang Bangi, Mukim Semenyih,  Daerah Hulu Langat, Selangor Darul Ehsan untuk Tetuan Setia Alamsari Sdn Bhd (formerly known as KL East Sdn Bhd), for the total contract sum of RM83,816,923.50 only (“the Contract”).

 

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

  1. Site preparation and earthwork;
  2. Erosion and sediment control;
  3. RC retaining wall;
  4. Reinforced soil wall;
  5. Drainage works;
  6. Sewerage works; and
  7. Detention pond.

The contract period shall be for a period of 34 months commencing from 1 August 2019 and shall be completed by 31 May 2022.

 

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 31 July 2019.

 






Announcement Info

Company Name ADVANCECON HOLDINGS BERHAD
Stock Name ADVCON
Date Announced 31 Jul 2019
Category General Announcement for PLC
Reference Number GA1-29072019-00113




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