|Description||PESTECH INTERNATIONAL BERHAD (“PESTECH” or “the Company”)
– LETTER OF ACCEPTANCE FROM TENAGA NASIONAL BERHAD FOR THE SUPPLY, ERECT AND COMMISSIONING OF 2 X 1050MVA AUTOTRANSFORMERS, 500kV SWITCHGEARS, 275kV SWITCHGEARS AND ANCILLARY EQUIPMENT WITH ASSOCIATED CIVIL WORKS FOR PMU 500/275kV OLAK LEMPIT, SELANGOR
|The Board of Directors of PESTECH (“Board”) wishes to announce that its wholly-owned subsidiary company, PESTECH Sdn Bhd (“PSB”) had on today accepted a Letter of Acceptance (“LOA”) dated 14 August 2017 from Tenaga Nasional Berhad for the supply, erect and commissioning of 2X1050 MVA Autotransformers, 500kV Switchgears, 275kV Switchgears and ancillary equipment with associated civil works for PMU 500/275kV Olak Lempit, Selangor for a contract value of RM79,500,000.00 (Ringgit Malaysia: Seventy Nine Million and Five Hundred Thousand only) (hereinafter referred to as the “Project”).
The Project is expected to commence within 56 days from the date of the LOA and is expected to complete within 546 days from the commencement date.
The Project is expected to contribute positively to the earnings and net asset per share of the Company for the financial years ending 30 June 2018 and 30 June 2019.
PESTECH does not foresee any exceptional risk other than the normal operational risk associated with the Project such as availability and changes in the price of raw materials. The Company will take necessary steps to mitigate the risks as and when they occur.
None of the Directors and/or Major Shareholders and/or persons connected to them, have any direct or indirect interest in the Project.
The Board is of the opinion that the Project is in the best interest of the Company.
This announcement is dated 15 August 2017.
|Company Name||PESTECH INTERNATIONAL BERHAD|
|Date Announced||15 Aug 2017|
|Category||General Announcement for PLC|