OTHERS - PESTECH INTERNATIONAL BERHAD ("PESTECH" or "the COMPANY") -
ACCEPTANCE OF ANNULMENT ON NOTIFICATION OF AWARD FROM SYARIKAT SESCO BERHAD
PESTECH INTERNATIONAL BERHAD
Further to the Company’s announcement dated 14 December 2023 in relation to the acceptance of the Notification of Award (“NOA”) by PESTECH’s wholly-owned subsidiary company, PESTECH Sdn. Bhd. (“PSB”), through a joint venture with Sky High Construction Sdn. Bhd. (“Sky High”) (“JV”) from Syarikat SESCO Berhad (“SSB”)for the Entinggan – B 275/(33)kV Substation project (“Entinggan Project”) at a total contract amount of RM109,979,000 (Ringgit Malaysia: One Hundred and Nine Million Nine Hundred and Seventy Nine Thousand only), the Board of Directors of PESTECH (“Board”) wishes to announce that, after taking into consideration of the economic factors of the Project, PSB and SSB had concluded to opt for annulment of the NOA for Entinggan project (“Annulment”) amicably.
The allocation of the contract value to PSB and Sky High under the JV is 60% (PSB) and 40% (Sky High), respectively.
In that respect, the acceptance of the Annulment comes with the understanding that there will be no claims against each other arising from the Annulment of the Project.
The Board wishes to further announce that the Annulment of Entinggan Project does not pose significant impact to the Group for the financial year ending 30 September 2024 since the Project has not commenced.
This announcement is dated 5 July 2024.
