OTHERS SUNWAY BERHAD (“SUNWAY”) - LETTER OF ACCEPTANCE IN RELATION TO THE PROPOSED DESIGN, CONSTRUCTION, TESTING AND COMPLETION OF THE COASTAL HIGHWAY SOUTHERN LINK, JOHOR DARUL TA?ZIM (DESIGN & BUILD)
|Description||SUNWAY BERHAD (“SUNWAY”)|
- LETTER OF ACCEPTANCE IN RELATION TO THE PROPOSED DESIGN, CONSTRUCTION, TESTING AND COMPLETION OF THE COASTAL HIGHWAY SOUTHERN LINK, JOHOR DARUL TA?ZIM (DESIGN & BUILD)
The Board of Directors of Sunway is pleased to announce that Sunway Construction Sdn Bhd (“SunCon”), a wholly-owned subsidiary of Sunway Holdings Sdn Bhd, which in turn is a wholly-owned subsidiary of Sunway, has on 29 December 2014, signed the Letter of Acceptance issued by SJIC Bina Sdn Bhd, a wholly owned subsidiary of Iskandar Investment Berhad, in respect of the Proposed Design, Construction, Testing and Completion of the Coastal Highway Southern Link, Johor Darul Ta?zim (Design & Build) (“Proposed Project”) for the sum of RM169,861,56.20.
The Proposed Project is expected to commence on 7 January 2015 with a contract period of 24 months. The Proposed Project is expected to contribute positively to the earnings of Sunway Group from the financial year ending 31 December 2015 onwards.
The Proposed Project is expected benefit Sunway Iskandar, a major township project by Sunway, Khazanah Nasional Berhad and Iskandar Investment Berhad, and other developments in Medini Iskandar Malaysia and its surroundings including those by UEM Sunrise Berhad and Mulpha International Berhad, due to the improved connectivity to the Coastal Highway and shortened traveling time to the Second Link to Singapore to about five minutes.
The Proposed Project is subject to normal construction risk of materials price fluctuation. However, with the past experience and expertise of SunCon in construction projects, this risk could be mitigated.
None of the directors or substantial shareholders of Sunway or persons connected with them has any interest, whether direct or indirect in the Proposed Project.
This announcement is dated 29 December 2014.
|Company Name||SUNWAY BERHAD|
|Date Announced||29 Dec 2014|