The Company is pleased to announce that its subsidiary, HCM Engineering Sdn Bhd (“HCM”)  has received a letter of acceptance from Turnpike Synergy Sdn Bhd for the construction of the proposed Sungai Besi-Ulu Kelang Elevated Expressway (SUKE) (“Contract”).

The Contract with a value of approximately RM315.8 million is to be undertaken jointly by HCM and Hatimuda Sdn Bhd on a 40% : 60% basis and is expected to be completed in 30 months period by 28 February 2019.

Hatimuda Sdn Bhd was incorporated in Malaysia on 13 September 1994, it has an authorized share capital of RM5 million comprising 5 million ordinary shares of RM1.00 each and a paid up share capital of RM5 million.  Its principal business is to carry out construction and infrastructure works.  

The Contract is expected to have a positive impact on the net assets and earnings of Protasco Group for the financial year ending 31 December 2016.

None of the Directors, substantial shareholders of the Company or persons connected with them have any interests, direct or indirect, in the Contract.