OTHERS

Reference Number GA1-25112019-00065

Company Name Stock Name Date Announced
WZ SATU BERHAD WZSATU 25 Nov 2019
WZ SATU BERHAD

 

OTHERS WZ Satu Berhad (“the Company” or “WZ Satu”) Letter of Acceptance (“Award”) in relation to the appointment of contractor for the construction of earthworks and infrastructure works for Kedah Rubber City (KRC) Phase 1 (Package 1) at Lot PT 2192, Mukim Padang Terap Kiri, Daerah Padang Terap, Kedah Darul Aman for the Northern Corridor Implementation Authority (“NCIA”)

WZ SATU BERHAD

 

Type Announcement
Subject OTHERS
Description WZ Satu Berhad (“the Company” or “WZ Satu”) Letter of Acceptance (“Award”) in relation to the appointment of contractor for the construction of earthworks and infrastructure works for Kedah Rubber City (KRC) Phase 1 (Package 1) at Lot PT 2192, Mukim Padang Terap Kiri, Daerah Padang Terap, Kedah Darul Aman for the Northern Corridor Implementation Authority (“NCIA”)
The Board of Directors of the Company wishes to announce that WZS BinaRaya Sdn. Bhd. (“WZS BinaRaya”), a wholly-owned subsidiary of the Company had on 25 November 2019 accepted the Award in relation to the appointment of contractor for the construction of earthworks and infrastructure works for Kedah Rubber City (KRC) Phase 1 (Package 1) at Lot PT 2192, Mukim Padang Terap Kiri, Daerah Padang Terap, Kedah Darul Aman (“Project“) for the NCIA.

 

The total contract value of the Project is RM121,499,182.61 (Ringgit Malaysia: One Hundred and Twenty-One Million Four Hundred and Ninety-Nine Thousand One Hundred and Eighty-Two and Sen Sixty-One) only. The commencement date for the Project is 2 December 2019 and the completion date is on or before 2 December 2021.

 

WZS BinaRaya’s scope of works covers the earthworks, infrastructure works, reservoir tank, bridge works and street lighting services.

 

WZ Satu does not foresee any exceptional risk other than the normal operational risk associated with the Project and will take the necessary steps to mitigate the risks as and when it occurs.

 

None of the Directors and/or major shareholders of the Company and/or any persons connected to them have any conflict of interest, direct or indirect in the Award.

 

The Board of Directors of WZ Satu, having taken into consideration all aspect of the Award, is of the opinion that the Award is in the best interest of the Company.

 

The Award is expected to contribute positively to the future earnings and net assets per share of the Group for the financial years ending 31 August 2020 to 31 August 2022.

 

This announcement is dated 25 November 2019.