Protasco Berhad wishes to announce that, its wholly owned subsidiary, HCM Engineering Sdn Bhd (“HCM”) has entered into a Memorandum of Agreement with K.I. Engineering Sdn Bhd (“Agreement”) to regulate the relationship with each other and to set out their respective rights, duties and obligation in order to execute a contract to upgrade federal road from Section 23.10 until Section 35.70 in Kulim, Kedah Darul Aman for a contract value of RM299.2 million (“the Project”).
Under the Agreement, HCM shall share 70% of the profit from the Project and shall act as the implementer to undertake the overall construction and financing of the Project until its completion by 27 January 2026.
The Project is expected to contribute positively to the Group’s future earnings.
None of the Directors or substantial shareholders of the Company or any person connected to them has any interest, direct or indirect, in the Project.