OTHERS LETTER OF AWARD RECEIVED BY INSTACOM GROUP BERHAD.
|INSTACOM GROUP BERHAD|
LETTER OF AWARD RECEIVED BY INSTACOM GROUP BERHAD.
INSTACOM GROUP BERHAD ("Instacom" or "Company")
The Board of Directors of Instacom is pleased to announce that its subsidiary company, Vivocom Enterprise Sdn Bhd (“Vivocom”), had :-
1. On 12 November 2015, received and accepted the Letter of Award (“LOA”) from CRCC Malaysia Berhad, for the provision of construction works for the second package of the proposed mixed commercial development known commercially as 1Gateway, consisting of duplex, shop office, hotel tower, anchor lot, cineplex and related external works at Lots 6879-6890, 10293-10304, Mukim Klang, Daerah Klang, Selangor Darul Ehsan (“1Gateway project”). The 1Gateway project is value at Ringgit Malaysia One Hundred Ninety Five Million Five Hundred Twenty Five Thousand Only (RM195,525,000); and
2. On 12 November 2015, received and accepted the Letter of Award (“LOA”) from CRCC Malaysia Berhad, for the provision of construction works for the second package for the condominium project known commercially as Pavilion Hilltop, consisting of three (3) blocks of condominiums, clubhouse, restaurant, kindergarten, swimming pool and four (4) levels of car park, at Lot 67210 (G70960) Mont Kiara, Mukim Batu, Kuala Lumpur (“Pavilion Hilltop project”). The Pavilion Hilltop project is valued at Ringgit Malaysia Thirty Four Million Seven Hundred Sixty Two Thousand Only (RM34,762,000).
(Collectively known as "the Projects”)
The LOAs is subject to agreements to be entered into by Vivocom and CRCC. These Projects are in addition to the contracts in hand of Neata Aluminium (Malaysia) Sdn Bhd and Vivocom (“the Neata Group”) amounting to RM351.753 million as disclosed in our circular dated 28 September 2015.
The Projects are expected to be completed within three (3) years. As of to-date, no fixed date of commencement has been scheduled. Nonetheless, the Projects owner would like to commence work at the earliest possible date due to the urgency of the Projects. Negotiations and planning of implementation of the Projects are currently under-way to ensure that the Projects kick-off as soon as possible. We expect the matter to be finalised within the foreseeable future.
The Projects are expected to contribute positively to the earnings and net assets of Instacom for the duration of the Projects.
The risks associated with the Projects are mainly operational risks and risk of delay in completion of the Projects. Notwithstanding this, the management of Instacom will strive to ensure full compliance to the operational procedures in the execution of the requirements of the Projects.
The Projects are in the ordinary course of business and are not subject to the approval of the shareholders of the Company or any other relevant government authorities in Malaysia.
None of the directors and/or major shareholders of Instacom or persons connected to them have any interest, direct or indirect, in the above Projects.
This announcement is dated 12 November 2015.
|Company Name||INSTACOM GROUP BERHAD|
|Date Announced||12 Nov 2015|
|Category||General Announcement for PLC|