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BackOct 17, 2017
Type Announcement
Subject OTHERS
Description

Acceptance of Letter of Awards and Notice to Proceeds For the Appointment of Duta Technic Sdn Bhd (a subsidiary company of HeiTech Padu Bhd) by Scatec Solar Solutions Malaysia Sdn Bhd (a company of Scatec Solar ASA Norway) for the Establishment of High Voltage (HV) Interconnection Facility for Solar Power Plant at Gurun Kedah, Jasin Melaka and Merchang Terengganu.

Acceptance of Letter of Awards and Notice to Proceeds For the Appointment of Duta Technic Sdn Bhd (a subsidiary company of HeiTech Padu Bhd) by Scatec Solar Solutions Malaysia Sdn Bhd (a company of Scatec Solar ASA Norway) for the Establishment of High Voltage (HV) Interconnection Facility for Solar Power Plant at Gurun Kedah, Jasin Melaka and Merchang Terengganu.

 

1.         Introduction

HeiTech Padu Berhad (“HeiTech” or “the Company”) is pleased to announce that Duta Technic Sdn Bhd (“DTSB”) (a subsidiary of HeiTech) has received three (3) sets of Letter of Awards (LOA), for the appointment of DTSB by Scatec Solar Solutions Malaysia Sdn Bhd (“Scatec Solar”) (a company of Scatec Solar ASA Norway) for the establishment of High Voltage (“HV”) Interconnection Facility for 3x50Megawatts Solar Power Plant (“SPP”) at Gurun Kedah, Jasin Melaka and Merchang Terengganu. (“the Project”).

 

The Conditions Precedent of the LOA has been fulfilled on the 17th October 2017. Following the satisfaction of the Conditions Precedent, Scatec Solar Solutions Malaysia Sdn Bhd shall issue the Notice to Proceed. Commencement date shall occur upon receipt by Duta Technic Sdn Bhd of the Notice to Proceed.

 

2.         Project Details

 

The Project works shall comprise of four (4) main section namely; (i) the SPP Works, (ii) the SPP Interconnectors, (iii) the SPP Interconnection Facility and (iv) the Medium Voltage (“MV”) Interconnectors.

 

The scope of the Projects are for engineering design covering civil and structural works and high voltage electrical equipment, installation of underground cable and overhead transmission line, including retrofitting works at Tenaga Nasional Berhad 132/33kV substations, manufacturing, inspection, testing, delivery, installation and construction, site test and commissioning, with final acceptance of the Project by 31st January 2018. Further details of the Projects are as per table below:-

 

Project Location

Contract Value (RM)

Gurun, Kedah

29,616,700.00

Jasin, Melaka

22,044,410.00

Merchang, Terengganu

23,499,596.00

 

TOTAL

75,160,706.00

 

3.         The effect on net assets of the Group

 

The Proposed Transaction will not have any material effect on HeiTech Group’s Net Asset for the financial year ending 31 December 2017 and is expected to contribute positively to the future earnings of HeiTech Group.

 

4.         The risks in relation to the contract


The risks are normal risks encountered by other Companies undertaking a similar endeavor and the Group has taken the necessary steps to protect itself and to mitigate the risks when and as it occurs.

 

5.         Directors' and Substantial Shareholders' Interest


None of the Directors or substantial shareholders or any person connected to the Directors or substantial shareholders of HeiTech has any interest, either direct or indirect in the above Contract.

 

6.         Statement of the Directors


The Board of Directors is of the opinion that the execution of the contract is in the ordinary course of business and is in the best interest of the Company.

 

7.         Financial effects

 

The Letter of Award will have a positive effect on the earnings per share. Nevertheless, the Contract will have no material effect to the dividened policy, gearing, share capital and the substantial shareholders’ shareholdings of the Company for the financial ending 31st December 2017.

 

This announcement is dated 17 October 2017. 

 


Announcement Info

Company Name HEITECH PADU BERHAD
Stock Name HTPADU
Date Announced 17 Oct 2017
Category General Announcement for PLC
Reference Number GA1-17102017-00066

Attachments

  1. Bursa_Announcement_dated_17.10.2017.docx (Size: 26,637 bytes)