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 on 7 December 2015, received and accepted the Letter of Award (“LOA”) from CRCC Malaysia Berhad ("CRCC"), for the provision of construction works for a gated community housing scheme consisting of semi-d units, villa mansions, apartment block and housing units under the Rumah Selangorku scheme, in Bandar Ulu Klang, Daerah Gombak, Selangor Darul Ehsan (“Project”). This Project is valued at Ringgit Malaysia One Hundred Sixteen Million and Four Hundred Thousand Only (RM116,400,000)
The LOA is subject to agreement to be entered into by Vivocom and CRCC. This Project is in addition to the contracts in hand of Neata Aluminium (Malaysia) Sdn Bhd and Vivocom (“Neata Group”) amounting to RM351.753 million and RM230.287 as disclosed in our circular dated 28 September 2015 and announcement dated 12 November 2015 respectively.
This Project shall commence on 18 January 2016 and shall be completed within eighteen (18) months from the date of commencement.
This Project is expected to contribute positively to the earnings and net assets of Instacom for the duration of the Project.
The risks associated with the Project are 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 operational procedures in the execution of the requirements of the Project.
The 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 this Project.
This announcement is dated 7 December 2015.
|Company Name||INSTACOM GROUP BERHAD|
|Date Announced||07 Dec 2015|
|Category||General Announcement for PLC|