Salcon Berhad (“Salcon” or “the Company”) is pleased to announce that Salcon Engineering Berhad, a wholly-owned subsidiary of the Company, through its consortium, namely Hydrotek-Salcon Consortium has on 28 September 2011 accepted the Notice of Award dated 28 September 2011 from Metropolitan Waterworks Authority for the Construction of Reservoirs for Phet Kasem and Rat Burana distribution pumping stations and related works (“the Project“).
The contract sum for the Project is Baht 215,739,124 or equivalent to RM21,991,800 (based on 1.0 THB = 0.10194 MYR) and the Project is expected to be completed within 2 years from the date of Notice to Proceed. The Notice to Proceed will contractually be issued within 20 days from the Notice of Award.
The Project is expected to contribute positively to the earnings or net assets of Salcon Group for the financial year ending 31 December 2012.
As for the financial year ending 31 December 2011, the Project will have insignificant financial impact to the earnings and net assets of Salcon Group as it mainly on mobilisation and planning stage.
Salcon do not foresee any exceptional risk other than operational risk associated with the Project.
None of the directors and/or major shareholders of the Company, or persons connected with them have any interest, direct or indirect, in the Project.
