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OTHERS ADVANCECON HOLDINGS BERHAD ("ADVANCECON" OR "THE COMPANY") - LETTER OF AWARD FROM SIME DARBY USJ DEVELOPMENT 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 FROM SIME DARBY USJ DEVELOPMENT 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 24 December 2019 received and accepted the Letter of Award (“LOA”) from Sime Darby USJ Development Sdn Bhd for the appointment of AISB as the contractor for the proposed construction and completion of earthworks and other related works for development of Phase 2 (R2), at Bandar Bukit Raja 2, Mukim Kapar, District of Klang, Selangor Darul Ehsan, for the total contract sum of RM21,269,361.00 (“the Contract”).

 

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

 

  1. Preliminaries;
  2. Erosion and Sediment Control;
  3. Site Clearance and Earthworks;
  4. Soil Improvement Works; and
  5. Soil Investigation Works.

 

The contract period shall be as follows:

 

Stages/ Works Section

Completion Period

Dates for Possession

Dates for Completion

R2

13 months

6 January 2020

5 February 2021

Overall

15 months

6 January 2020

5 April 2021

 

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 24 December 2019.

 






Announcement Info

Company Name ADVANCECON HOLDINGS BERHAD
Stock Name ADVCON
Date Announced 24 Dec 2019
Category General Announcement for PLC
Reference Number GA1-24122019-00041




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