Announcements

Date : 26 March 2014

OTHERS Collaboration with Himalayan Builders & Engineers Private Limited

PROTASCO BERHAD

TypeAnnouncement
SubjectOTHERS
DescriptionCollaboration with Himalayan Builders & Engineers Private Limited

 

Protasco Berhad (“Company”) wishes to announce that its following subsidiaries, had on 24 March 2014 signed with Himalayan Builders & Engineers Private Limited (“HBE”), a company incorporated in Nepal the following documents: 

 

Name of Subsidiaries

Type of Documents Signed

 Purpose

Protasco Development Sdn Bhd

 

Memorandum of Understanding (“MOU”)

To jointly develop and construct a commercial hotel on a Design-Build-Own-Operate Basis on a land parcel measuring approximately 30,000 square feet, owned by a related company of HBE.(“Project”) 

 

Kumpulan Ikram Sdn Bhd

Memorandum of Collaboration

Kumpulan Ikram Sdn Bhd to provide engineering labs services in Nepal and to jointly establish Ikram Integrated Engineering Lab in Nepal.

 

Ikram Education Sdn Bhd

Agent Agreement

To appoint HBE as a recruitment agent to recruit students from Nepal to be enrolled in Infrastructure University Kuala Lumpur, a university managed by Ikram Education Sdn Bhd. 

 

 

Reference is also made to the following statement in article entitled "Protasco to invest in Nepal” that appeared in The Star, StarBiz, page 7 on Wednesday, 26 March 2014: 

 

“The lab and boutique hotel would be of international standard with about US$100 million investment, said Khanal after the signing ceremony” 

 

The Company wishes to clarify that the above amount was not mentioned in the MOU. The parties are in the midst of conducting a feasibility study. As of todate, the investment value of the Project has yet to be ascertained.

 

 

 

 


Announcement Info

Company NamePROTASCO BERHAD  
Stock Name PRTASCO    
Date Announced26 Mar 2014  
CategoryGeneral Announcement
Reference NoCA-140326-51561

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