OTHERS - PESTECH INTERNATIONAL BERHAD ("PESTECH" OR "THE COMPANY")
LETTER OF AWARD TO ALSTOM TRANSPORT SYSTEMS (MALAYSIA) SDN. BHD. AND IJMC-PESTECH JOINT VENTURE FOR THE DESIGN, SUPPLY, INSTALL, TESTING AND COMMISSIONING FOR THE AUTOMATED PEOPLE MOVER ("APM") AND ALL ASSOCIATED WORKS AT KL INTERNATIONAL AIRPORT
PESTECH INTERNATIONAL BERHAD
The Board of Directors of PESTECH (“Board”) wishes to announce that its wholly-owned subsidiary company, PESTECH Technology Sdn. Bhd. (“PTECH”) had on 16 January 2024, accepted the Letter of Award from Malaysia Airports (Sepang) Sdn. Bhd. [“MA(S)”] for the works in relation to design, supply, install, testing and commissioning for the APM and all the associated works at KL International Airport (“KLIA”) (“Project”) awarded to Alstom Transport Systems (Malaysia) Sdn. Bhd. ("Alstom") and an unincorporated joint venture formed between IJM Construction Sdn. Bhd. (“IJMC”) and PTECH (“IJMC-PESTECH JV”).
Alstom and IJMC-PESTECH JV shall separately and independently carry out their respective scope of works.
The contract sum for IJMC-PESTECH JV is RM175,648,006.90 (Ringgit Malaysia: One Hundred and Seventy Five Million Six Hundred and Forty Eight Thousand and Six and Cents Ninety only). The participating interest of IJMC-PESTECH JV in the portion of the works for the Project is 60% (IJMC) and 40% (PTECH), respectively.
The commencement date of the Project is 15 January 2024 and the completion date shall be 31 March 2025 or earlier.
The Project will contribute positively towards the revenue and earnings of PESTECH in accordance to the agreed milestone events to be recognised in the financial years ending 30 September 2024 to 30 September 2025.
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 continuation of Project with Alstom and the IJM-PESTECH JV, is in the best interest of the Company.
This announcement is dated 17 January 2024.
