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2020
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Announcements

Date : 17 May 2021

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONS BERTAM ALLIANCE BERHAD ("BERTAM" OR "COMPANY") LETTER OF AWARD TO BERTAM DEVELOPMENT SDN BHD ("BDSB") TO UNDERTAKE EXTERNAL WORKS AND SERVICES AND BALANCE OF WORKS FOR 6-STOREY CARPARK AND COMMUNITY FACILITIES BLOCK ("LOA")

BERTAM ALLIANCE BERHAD

Type Announcement
Subject TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
RELATED PARTY TRANSACTIONS
Description
BERTAM ALLIANCE BERHAD ("BERTAM" OR "COMPANY") 
LETTER OF AWARD TO BERTAM DEVELOPMENT SDN BHD ("BDSB") TO UNDERTAKE EXTERNAL WORKS AND SERVICES AND BALANCE OF WORKS FOR 6-STOREY CARPARK AND COMMUNITY FACILITIES BLOCK ("LOA")

We refer to the announcement dated 11 May 2021 in relation to the LOA ("Announcement"). Unless otherwise defined in this announcement, all terms used herein shall have the same meaning as those defined in the Announcement.

 

The Board wishes to announce the following additional information relating to the LOA.

 

  1. Basis and justification in arriving at the contract sum of RM8.3 million (“Contract Sum”)

 

The contract value (inclusive of all preliminaries) for the LOA was derived from direct negotiations, having considered the existing conditions of the site including the extent of Works completed on Site for the following:

 

i)  External Works & Services; and

ii) 6-Storey Carpark and Community Facilities Block.

 

 The breakdown of the contract value of the above is as follows:-

 

Item

Description

Amount (RM)

A

External Works & Services:

 

A.1

Site Preparation & Earthworks

215,730.00

A.2

Road & Hardstanding

1,768,927.00

A.3

Primary Stormwater Drainage

1,440,401.00

A.4

Sewerage Works

500,750.00

A.5

Water Storage & Reticulation System

326,869.00

A.6

Soft Landscaping

85,695.00

A.7

Fence & Gate

383,910.00

A.8

Link Bridges

436,864.00

B

Balance of Works for 6-Storey Carpark and Community Facilities Block

3,139,233.50

Total

8,298,379.50

 

2.         Interest of Directors’, Major Shareholders and/or persons connected to them

 

Lim Nyuk Foh is the Executive Director and major shareholder of Bertam. He is also a Director and major shareholder of IASB.

 

Save as disclosed above, none of the Directors or major shareholders of Bertam or persons connected to them, have any interest, direct or indirect, in the Proposed RPT.

 

 

3.         Audit and Risk Management Committee’s Statement

 

The Audit and Risk Management Committee of Bertam, having considered all aspects of the Proposed RPT, is of the opinion that the Proposed RPT is :–

 

(a) in the best interest of Bertam and not detrimental to the interest of the minority shareholders after taking into consideration the rationale for the Proposed RPT; and

(b) fair and reasonable based on normal commercial terms as the LOA as it provides an avenue for the Group to increase its order book and expects to have positive contribution to the earning per share, net assets per share and gearing of the Bertam Group upon completion of the Project.

 

This announcement is dated 17 May 2021.






Announcement Info

Company Name BERTAM ALLIANCE BERHAD
Stock Name BERTAM
Date Announced 17 May 2021
Category General Announcement for PLC
Reference Number GA1-17052021-00043



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