Date : 06 September 2011
OTHERS TALIWORKS CORPORATION BERHAD (“Taliworks” or “the Company”) - Award of Sub-contract Works in relation to the “Mengkuang Dam Expansion Project, Pulau Pinang”
|TALIWORKS CORPORATION BERHAD|
|Description||TALIWORKS CORPORATION BERHAD (“Taliworks” or “the Company”) |
- Award of Sub-contract Works in relation to the “Mengkuang Dam Expansion Project, Pulau Pinang”
The Company wishes to announce that the Mengkuang Dam expansion project (“Project”), a Federal Government project was earlier awarded to China International Water and Electric Corp. (M) Sdn. Bhd. (“CWEM”) by the Ministry of Energy, Green Technology and Water. Pursuant thereto, the Company had on 6th September 2011 received and accepted the letter of award dated 5th September 2011 for sub-contract works from CWEM for a portion of the Project (“the Sub-contract”).
The details of the Sub-contract are as follows:-
Sub-contract Title : Mengkuang Dam Expansion Project, Pulau Pinang
Sub-contract Sum : RM339,399,176.50
Sub-contract work : Earthworks for construction of dam, draw-off tunnel and others
Construction Period : 60 months
Date of completion : 31 July 2016
The Sub-contract is not expected to have any major financial impact for the financial year ending 31st December 2011 as the Sub-contract will be in the early stages of mobilization and planning but is expected to contribute positively to the future earnings of the Group.
The Sub-contract is subject to normal construction risk of fluctuation of material cost and labour cost. However, this risk is mitigated through the provision of Variation of Price for Basic Materials and fuel in the Sub-contract.
None of the Directors or substantial shareholders of Taliworks or persons connected to them has any interest, direct or indirect, in the Sub-contract.
This announcement is dated 6th September 2011.
|Company Name||TALIWORKS CORPORATION BERHAD|
|Date Announced||6 Sept 2011|