|Description||PESTECH INTERNATIONAL BERHAD (“PESTECH” OR “THE COMPANY”) – NOTIFICATION OF AWARD FOR THE CONTRACT ON THE CALAMBA 230KV SUBSTATION PROJECT – DESIGN, SUPPLY, INSTALLATION, TESTING AND COMMISSIONING OF SECONDARY DEVICES INCLUDING CONSTRUCTION/ERECTION/INTEGRATION OF NATIONAL GRID CORPORATION OF THE PHILIPPINES (“NGCP”) SUPPLIED HIGH VOLTAGE EQUIPMENT|
|The Board of Directors of PESTECH (“Board”) wishes to announce that its wholly-owned subsidiary company, PESTECH Sdn Bhd (“PSB”) had on 4 October 2017, received a Notification of Award for the contract in relation to the Calamba 230kV Substation project – design, supply, installation, testing and commissioning of secondary devices including construction/ erection/ integration of NGCP supplied high voltage equipment at a contract value as below:-
Offshore portion : USD5,358,600 (US Dollars: Five Million Three Hundred Fifty Eight Thousand and Six Hundred only)
Onshore portion : PHP332,136,000 (Philippine Peso: Three Hundred and Thirty Two Million One Hundred and Thirty Six Thousand only)
(hereinafter referred to as the “Project”).
This marks PESTECH’s first engineering, procurement, construction and commissioning (“EPCC”) project for a 230kV Main Substation in the Philippines and second power infrastructure project with NGCP.
The Project is located in the City of Calamba, which is situated in the Laguna Province, Calabarzon Region, Luzon Island, Philippines; about 60km from Manila Ninoy Aquino International Airport.
Under the Project, PESTECH will deliver a new 230kV Outdoor substation with 230kV/115kV facilities to serve the Laguna sector. This is to improve the reliability and operational flexibility of the 230kV system in the area; and to relieve some of the load on the existing 230kV network.
The duration of the Project is 540 days and the commencement date of the Project will be determined by NGCP later.
The Project will contribute positively towards the revenue and earnings of PESTECH in accordance to the stage of project progress to be recognized in the financial year ending 30 June 2018 but is expected to contribute positively to the future earnings and net asset per share of the Company.
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 it occurs.
None of the Directors and/or Major Shareholders and/or persons connected to them, has any interest, direct or indirect in the Project.
The Board is of the opinion that the Project is in the best interest of the Company.
This announcement is dated 4 October 2017.
|Company Name||PESTECH INTERNATIONAL BERHAD|
|Date Announced||04 Oct 2017|
|Category||General Announcement for PLC|