Protasco Berhad (“Protasco’ or “Company”) is pleased to announce that Protasco Development Sdn Bhd, a wholly owned subsidiary of the Company has received a Letter of Award from Unit Perumahan Penjawat Awam 1Malaysia, Jabatan Perdana Menteri, to construct 1,681 unit apartments in the Federal Territory of Putrajaya under the Pembangunan Projek Perumahan Penjawat Awam 1Malaysia (PPA1M) [1Malaysia Civil Servants Housing Programme] (“Project”).   

Protasco Development Sdn Bhd will undertake the Project jointly with Kop Mantap Berhad  at a ratio of 51% (Protasco Development Sdn Bhd) and 49% (Kop Mantap Berhad).     

The Project with a gross development cost of RM442.68 million is expected to contribute positively to the future earnings of Protasco Group. The Project however will not have any material impact on the net assets and earnings of Protasco Group for the financial year ending 31 December 2017. 

None of the Directors, major shareholders of the Company or persons connected with them have any interests, direct or indirect, in the Project.