Others

BackJul 16, 2018
Type Announcement
Subject OTHERS
Description

Salcon Berhad ("Salcon" or "the Company")

- Letter of Acceptance from Ministry of Megapolis & Western Development, Sri Lanka

Salcon is pleased to announce that Salcon Engineering Berhad, a wholly-owned subsidiary of the Company, had on 16 July 2018 accepted the Letter of Acceptance dated 12 July 2018 issued by the Ministry of Megapolis & Western Development, Sri Lanka for the following project:-

 

Project Date of Commencement and Duration Contract Sum

Design and Building of Ambatale Storm Water Pumping Station

 

(hereinafter referred as “the Project”)

The date of commencement is upon the fulfillment of conditions precedent.

Duration of the Project is 21 months from the date of commencement.

 USD6.85 million (equivalent to RM27.67 million*) and LKR1.718 billion (equivalent to RM43.60 million#) totaling equivalent to approximately RM71.27 million (including relevant taxes and duties and VAT)  

 

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, 31 December 2019 and 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.

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.

This announcement is dated 16 July 2018.

Notes:

*   Based on the exchange rate of USD1:RM4.04 on 12 July 2018 as set out in the Bank Negara’s website, subject to rounding.

#   Based on the exchange rate of RM1.00: LKR39.4 on 12 July 2018 as set out in Sri Lanka Central Bank, subject to rounding.

Announcement Info

Company Name SALCON BERHAD
Stock Name SALCON
Date Announced 16 Jul 2018
Category General Announcement for PLC
Reference Number GA1-16072018-00073