Others

BackDec 18, 2017
Type Announcement
Subject OTHERS
Description

Salcon Berhad ("Salcon" or "the Company") - Letter of Acceptance from Haiphong Water Joint Stock Company

Salcon is pleased to announce that Bach Dang-Salcon Joint Venture, which was established as unincorporated joint venture between Bach Dang Construction Corporation JSC (75%) and Salcon Engineering Berhad (25%), a wholly-owned subsidiary of the Company, had on 15 December 2017 received the Letter of Acceptance dated 14 December 2017 issued by Haiphong Water Joint Stock Company, water authority of Haiphong City, Vietnam, for the following project:-

Project

Commencement and Duration

Date of Completion

Contract Sum 

Rehabilitating and Upgrading Project of Haiphong Water Supply System – Phase 2

Package No. HPCW-02: Material Supply and Installation of An Duong component

(hereinafter referred as "the Project")

 

 

 

Shall commence on 5 January 2018 and be completed within a period of 24 months

 

 

 

 

 

 

 5 January 2020

 

 

 

 

 

 

 

 

 

426,188,742,926 VND (equivalent to RM77,100,000) (including all type of taxes and contingency comprised value-added tax of 10%, provisional sums for contingency, specific provisional sums and total for daywork)

 

 

 

 

The Project is a construction contract and has no option for renewal.

The Project is expected to contribute positively towards the earnings and net assets of Salcon Group for the financial years ending 31 December 2018 to 31 December 2020.

Salcon does not foresee any exceptional risks other than execution risks associated with the Project.

The Project will not have any effect on the share capital and substantial shareholders' shareholding of the Company.




Announcement Info

Company Name SALCON BERHAD
Stock Name SALCON
Date Announced 18 Dec 2017
Category General Announcement for PLC
Reference Number GA1-18122017-00021