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OTHERS ADVANCECON HOLDINGS BERHAD ("ADVANCECON" OR THE "COMPANY") - LETTER OF AWARD FROM SIME DARBY PROPERTY (NILAI) SDN BHD TO ADVANCECON INFRA SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY

Amended Announcements
Please refer to the earlier announcement reference number: GA1-15102019-00019

ADVANCECON HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description
ADVANCECON HOLDINGS BERHAD ("ADVANCECON" OR THE "COMPANY")
- LETTER OF AWARD FROM SIME DARBY PROPERTY (NILAI) 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 the Company had on 14 October 2019 received and accepted the Letter of Award (“LOA”) from Sime Darby Property (Nilai) Sdn Bhd for the appointment of AISB as the contractor for the proposed construction and completion of earthwork, ESCP, main drain, retaining wall and other ancillary works at part of plot 2 (SME Business Park), Nilai Impian 2, Mukim Setul, Daerah Seremban, Negeri Sembilan Darul Khusus, for the total contract sum of RM11,818,046.30 (“the Contract”).

 

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

 

1)   Preliminaries

2)   Earthworks

3)   Erosion and Sediment Control

4)   Main Drain

5)   Retaining Wall

6)   Sewerage Reticulation

 

The contract period shall be as follows:

 

Stages/ Works Section

Completion Period

Dates for Possession

Dates for Completion

Section 1

8 months

25 October 2019

24 June 2020

Overall

12 months

25 October 2019

24 October 2020

 

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 16 October 2019.






Announcement Info

Company Name ADVANCECON HOLDINGS BERHAD
Stock Name ADVCON
Date Announced 16 Oct 2019
Category General Announcement for PLC
Reference Number GA1-16102019-00012




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