Highlights:
add free Download App
premium Premium Account

Last Price Change Volume
KLSE Market Watch
Open: Day Range: Prev Close:


OTHERS GDB HOLDINGS BERHAD ("GDB" OR THE "COMPANY") - ACCEPTANCE OF LETTER OF AWARD FROM SUNHILL VENTURES SDN BHD BY 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 SUNHILL VENTURES SDN BHD BY GRAND DYNAMIC BUILDERS SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY

1. INTRODUCTION

 

Further to the Company’s announcement made on 7 November 2019 in relation to the execution of Letter of Intent, the Board of Directors of GDB (“Board”) wishes to announce that its wholly-owned subsidiary, Grand Dynamic Builders Sdn Bhd (“GDBSB”) had on 27 November 2019 accepted the Letter of Award (“LOA”) from  Sunhill Ventures Sdn Bhd [Registration No. 201701043392 (1257565-U)] (“SVSB”) (the “Employer”) as the Main Contractor for main building works for the proposed development of a 5-Star 22-storey hotel located on Lot 017512533, Jalan Haji Saman, Kota Kinabalu, Sabah for a total contract value of RM213,300,000 only (the “Contract”).

 

2. INFORMATION ON THE CONTRACT

 

The Employer is a wholly-owned subsidiary of Hap Seng Consolidated Berhad.

 

The Contract shall commence on 2 January 2020 (“Date of Commencement”) for a construction duration of 22.5 months and is scheduled to be completed by 16 November 2021.

 

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 SHAREHOLDERS’ INTEREST

 

None of the Directors and/or substantial shareholders of GDB and/or persons connected to them have 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 27 November 2019. 






Announcement Info

Company Name GDB HOLDINGS BERHAD
Stock Name GDB
Date Announced 27 Nov 2019
Category General Announcement for PLC
Reference Number GA1-27112019-00056




Close