Others PESTECH International Berhad (“PESTECH” Or “The Company”) – Construction Agreement Between PESTECH (Cambodia) Limited, A Wholly-Owned Cambodian Subsidiary Of The Company And Alex Corporation, In Relation To The Design, Engineering, Manufacturing, Installation, Testing And Commissioning Of The 230kv Stung Tatay Hydro Power Plant – Phnom Penh Transmission System Project
| Type | Announcement |
| Subject | OTHERS |
| Description | PESTECH INTERNATIONAL BERHAD (“PESTECH” or “THE COMPANY”)
– CONSTRUCTION AGREEMENT BETWEEN PESTECH (CAMBODIA) LIMITED, A WHOLLY-OWNED CAMBODIAN SUBSIDIARY OF THE COMPANY AND ALEX CORPORATION, IN RELATION TO THE DESIGN, ENGINEERING, MANUFACTURING, INSTALLATION, TESTING AND COMMISSIONING OF THE 230kV STUNG TATAY HYDRO POWER PLANT – PHNOM PENH TRANSMISSION SYSTEM PROJECT |
The Board of Directors of PESTECH is pleased to announce that PESTECH (Cambodia) Limited (“PCL”), a wholly-owned Cambodian subsidiary of the Company had, on 6 April 2017, executed a Construction Agreement (“Agreement”) with Alex Corporation, a company incorporated under the laws of the Kingdom of Cambodia, wherein PCL will undertake the design, engineering, manufacturing, installation, testing and commissioning of the 230kV Stung Tatay Hydro Power Plant – Phnom Penh Transmission System Project (“Project”) at a contract price of USD100,213,000/- (United States Dollar: One Hundred Million Two Hundred and Thirteen Thousand only).
The Project mainly involves the design, engineering, manufacturing, installation, testing and commissioning of approximately 220km 230kV double circuit transmission line from Stung Tatay Hydro Power Plant to Phnom Penh and supply, installation and connection of two (2) 230kV lines bays at Stung Tatay HPP switchyard.
The Project is expected to commence within three (3) months from the date of the Agreement. (“Commencement Date”) and is expected to be completed within 36 months from the Commencement Date.
The Agreement will have no material effect on the revenue and earnings of the Group for the financial year ending 30 June 2017, but is expected to contribute positively to the future earnings and net assets per share of the Group.
The Company does not foresee any exceptional risk other than the normal operational risk associated with the Project. The Company will take the 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 Agreement.
This announcement is dated 6 April 2017.