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BackOct 23, 2017
Type Announcement
Subject OTHERS
Description

ACCEPTANCE OF LETTER OF AWARD FOR DESIGN, SUPPLY, DELIVERY, INSTALLATION, COMMISSIONING AND COMPLETION OF MECHANICAL AND ELECTRICAL WORKS FOR 132KV SWITCHING SUBSTATION (SITE B - TNB) AND 33/132KV STEP-UP SUBSTATION (SITE B - GKD) FOR CADANGAN PEMBANGUNAN INFRASTRUKTUR BAGI MENYEDIAKAN BEKALAN TENAGA ELEKTRIK DARI SUMBER TENAGA BOLEH BAHARU Dl ATAS LOT 31474, MUKIM BIDOR, DAERAH BATANG PADANG, PERAK DARUL RIDZUAN ("PROJECT") UNTUK TETUAN GADING KENCANA DEVELOPMENT SDN BHD ("CLIENT")

ACCEPTANCE OF LETTER OF AWARD FOR DESIGN, SUPPLY, DELIVERY, INSTALLATION, COMMISSIONING AND COMPLETION OF MECHANICAL AND ELECTRICAL WORKS FOR 132KV SWITCHING SUBSTATION (SITE B - TNB) AND 33/132KV STEP-UP SUBSTATION (SITE B - GKD) FOR CADANGAN PEMBANGUNAN INFRASTRUKTUR BAGI MENYEDIAKAN BEKALAN TENAGA ELEKTRIK DARI SUMBER TENAGA BOLEH BAHARU Dl ATAS LOT 31474, MUKIM BIDOR, DAERAH BATANG PADANG, PERAK DARUL RIDZUAN ("PROJECT") UNTUK TETUAN GADING KENCANA DEVELOPMENT SDN BHD ("CLIENT")

 

1.         Introduction

HeiTech Padu Berhad (“HeiTech” or “the Company”) is pleased to announce that Duta Technic Sdn Bhd (“DTSB”) (a subsidiary of HeiTech) has on 17th October 2017 received a Letter of Award (LOA), for the appointment of DTSB by Gading Kencana Development Sdn Bhd for the Design, Supply, Delivery, Installation, Commissioning And Completion Of Mechanical And Electrical Works for 132kV switching substation and 33/132kV step-up substation for Cadangan Pembangunan Infrastruktur Bagi Menyediakan Bekalan Tenaga Elektrik Dari Sumber Tenaga Boleh Baharu Di Atas Lot 31474, Mukim Bidor, Daerah Batang Padang, Perak Darul Ridzuan (“the Project”).

 

The LOA is signed and accepted on 23rd October 2017.

 

The Company has received a consent from Gading Kencana Development Sdn Bhd on 23rd October 2017 for HeiTech to release an announcement to Bursa Malaysia.

 

2.         Project Details

 

The scope of the Project shall be complete design of 132kV Switching Substation and 33/132kV Step-up Substation, HV equipment, secondary systems and all ancillary plus Single Circuit Loop-In Loop-Out of 132kV Switching Substation to existing TNB 132kV Overhead Transmission Line.

 

The contract value of the Project is Ringgit Malaysia: Nineteen Million, One Hundred Ninety Five Thousand, Three Hundred Twenty Only (RM 19, 195,320.00).

 

The Project shall commence from 18th October 2017 to 28th May 2018.

 

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 dividend policy, gearing, share capital and the substantial shareholders’ shareholdings of the Company for the financial ending 31st December 2017.

 

This announcement is dated 23rd October 2017. 

 


Announcement Info

Company Name HEITECH PADU BERHAD
Stock Name HTPADU
Date Announced 23 Oct 2017
Category General Announcement for PLC
Reference Number GA1-23102017-00083

Attachments

  1. Bursa_Announcement_23.10.2017.docx (Size: 26,112 bytes)