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OTHERS GDB HOLDINGS BERHAD ("GDB" OR THE "COMPANY") - ACCEPTANCE OF LETTER OF AWARD FROM CLOUDVEST 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")  
- ACCEPTANCE OF LETTER OF AWARD FROM CLOUDVEST 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 26 September 2019 accepted the Letter of Award from Cloudvest Sdn Bhd (Company No. 1246363-M) (“the Employer”) as the Main Contractor for main building works for the proposed development of 2-blocks of 54-storey apartments (505 units) comprising of Tower A from level 5 to level 44 (140 units) and Tower B from level 5 to level 53 (365 units) including a 5-storey podium (4-storey car park from ground floor to level 3, 1-storey residential amenities at level 4 and 1-storey basement car park) on Lot 62199, Jalan Residen 2, Desa Parkcity, Mukim Batu, Wilayah Persekutuan Kuala Lumpur for a total contract value of RM517.0 million only (the “Contract”).

 

The Contract shall commence on 2 December 2019 for duration of 37 months and is scheduled to be completed by 1 January 2023.

 

2. INFORMATION ON THE EMPLOYER

 

The Employer is a wholly-owned subsidiary of Unicorn Frontier Sdn Bhd, which is a 50:50 joint venture entity between ParkCity Property Holdings Sdn Bhd and CapitaLand Malaysia Pte Ltd.

 

3. RISK FACTORS

 

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

 

4.  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 internally generated funds.

 

5.  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.

 

6.  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 26 September 2019.






Announcement Info

Company Name GDB HOLDINGS BERHAD
Stock Name GDB
Date Announced 26 Sep 2019
Category General Announcement for PLC
Reference Number GA1-26092019-00061




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