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 Group Berhad (“Instacom” or “the Company”) is pleased to announce that its subsidiary company, Instacom Engineering Sdn Bhd (“Instacom Engineering”), had on 12 November 2015, received and accepted the Letter of Award (“LOA”) from Teras Millenium Sdn Bhd (“Teras”), to supply, deliver and install tower structures including monopoles, other site infrastructure and ancillaries on thirty (30) hub sites across the state of Perak, Negeri Sembilan and Sabah (“Tower Project”) in accordance with the Universal Service Plan as approved by the Malaysian Communications and Multimedia Commission (“the Commission”). The Tower Project is valued at Ringgit Malaysia Twenty Nine Million Only (RM29.0 million).
The Letter of Award is subject to agreements to be entered into by Instacom Engineering and Teras. The Tower Project is expected to be completed within seven (7) months from the date to be determined by the Commission. As of to-date, no fixed date of commencement has been provided. Nonetheless, Teras would like to commence work at the earliest possible date due to the urgency of the Tower Project. Planning on the implementation of the Tower Project is currently under-way to ensure work commencement and completion will be accordingly to timeline set by the Commission. We expect the matter to be finalised within the foreseeable future.
The Tower Project is expected to contribute positively to the earnings and net assets of Instacom during the tenure of the project. The risks associated with the Tower Project is mainly operational risks and risk of delay in completion of the Project. Notwithstanding this, the management of Instacom will strive to ensure full compliance to the requirements of the Tower Project.
The Tower Project is in the ordinary course of business and is 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 Tower Project.
This announcement is dated 12 November 2015.
|Company Name||INSTACOM GROUP BERHAD|
|Date Announced||12 Nov 2015|
|Category||General Announcement for PLC|