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BURSA ANNOUNCEMENTS

Date: 31 October 2018

OTHERS TALIWORKS CORPORATION BERHAD ("TCB" OR "THE COMPANY") ACCEPTANCE OF LETTER OF AWARD OFFERED BY SETIA HARUMAN SDN BHD ("SHSB") TO TALIWORKS CONSTRUCTION SDN BHD ("TCSB"), A WHOLLY-OWNED SUBSIDIARY OF TCB, FOR THE PROPOSED CONSTRUCTION AND COMPLETION INCLUDING HANDING OVER TO AUTHORITY OF 76ML R.C. RESERVOIR R4 AND RELATED ANCILLARY WORKS AT CYBERJAYA FLAGSHIP ZONE, MUKIM DENGKIL, DAERAH SEPANG, SELANGOR DARUL EHSAN AT A CONTRACT SUM OF RM42,356,000.00


Type Announcement
Subject OTHERS
Description

TALIWORKS CORPORATION BERHAD ("TCB" OR "THE COMPANY")

ACCEPTANCE OF LETTER OF AWARD OFFERED BY SETIA HARUMAN SDN BHD ("SHSB") TO TALIWORKS CONSTRUCTION SDN BHD ("TCSB"), A WHOLLY-OWNED SUBSIDIARY OF TCB, FOR THE PROPOSED CONSTRUCTION AND COMPLETION INCLUDING HANDING OVER TO AUTHORITY OF 76ML R.C. RESERVOIR R4 AND RELATED ANCILLARY WORKS AT CYBERJAYA FLAGSHIP ZONE, MUKIM DENGKIL, DAERAH SEPANG, SELANGOR DARUL EHSAN AT A CONTRACT SUM OF RM42,356,000.00

1.         INTRODUCTION

 

            Letter of Award

 

            Pursuant to Paragraph 9.03 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of TCB wishes to announce that TCSB, a wholly-owned subsidiary of TCB, had on 31 October 2018 accepted the  Letter of Award dated 29 October 2018 from SHSB for the proposed construction and completion including handing over to authority of 76ML R.C. Reservoir R4 and related ancillary works at Cyberjaya flagship zone, Mukim Dengkil, Daerah Sepang, Selangor Darul Ehsan (?Site?) at a contract sum of RM42,356,000.00 ("Contract").

 

2.         SALIENT TERMS OF THE LETTER OF AWARD

 

2.1       Scope of Works

 

            The scope of works comprises of construction and completion of one new 76ML R.C. Reservoir R4 including mechanical and electrical works, supply, lay and commission of new falling and rising main pipe and other associates works including hand over the works to the respective authorities ("the Works").

 

2.2       Contract Period

 

            The date for possession of the Site shall be on 15 November 2018. The date for completion for the whole Works shall be on 14 November 2021 i.e. 36 months from the date of possession of the Site. The whole physical construction period shall be evenly spread throughout at minimum 27 months from the date of possession of the Site.

 

2.3        Contract Sum 

 

            The contract sum is RM42,356,000.00 and subject to final remeasurement upon completion.

 

3.         EFFECTS OF THE LETTER OF AWARD

 

            The Contract is made in the ordinary course of business and has been established on an arm's length basis. The Contract is expected to contribute positively to TCB group's earnings and net assets for the duration of the Contract.

 

4.         RISK FACTORS

 

The risks associated with the Contract are mainly fluctuation in foreign currency against Ringgit Malaysia which will affect the imported materials and equipment, fluctuation in prices of construction materials and shortage of labour supply in the construction industry.

 

5.         DIRECTORS' AND MAJOR SHAREHOLDER'S INTERESTS

 

            None of the directors and major shareholders of the Company as well as persons connected with them have any interest, direct and/or indirect in the Contract.

 

6.         DIRECTORS' STATEMENT

 

            The directors, after having considered the Contract, are of the opinion that the Contract is in the best interest of TCB group.

 

7.         APPROVALS REQUIRED

 

            The Contract does not require the approval of TCB's shareholders or any relevant authorities.

 

 

This Announcement is dated 31 October 2018.





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