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Type Announcement
Subject OTHERS
Description

HSS Engineers Berhad ("HEB") - Letter of Invitation to submit a proposal to provide consultancy services for the execution of Kajian Kemungkinan Labuan-Menumbok Bridge Link

Introduction

 

HEB wishes to announce that its associate company, HSS Integrated Sdn Bhd ("HSSI"), has on 18 January 2018 received a Letter of Invitation dated 18 January 2018 from Kementerian Wilayah Persekutuan to submit a proposal to provide consultancy services for the execution of ‘’Kajian Kemungkinan Labuan-Menumbok Bridge Link’’ (the “Contract”).

 

The proposal is to be submitted on or before 23 January 2018, 12.00 noon.

 

Information on the Contract

 

The Contract, with a ceiling contract value of up to RM14.31million (including 6% Goods & Services Tax), is expected to commence within the second quarter of 2018 and is expected to complete by the first quarter of 2019. In the event HSSI’s proposal is accepted, HSSI will be appointed to provide consultancy services for the execution of ‘’Kajian Kemungkinan Labuan-Menumbok Bridge Link’’. Pursuant to the exclusive teaming arrangement between HSSI and HEB’s wholly-owned subsidiary, HSS Engineering Sdn Bhd ("HSSE"), HSSI and HSSE will be collaborating exclusively to execute and complete the Contract. 

 

Upon appointment, the Company will make further announcement in due course.

 

Financial Effects

 

Upon appointment, the Contract is expected to contribute positively to the revenue, earnings and net assets of HEB Group for financial years ending 31 December 2018 and 31 December 2019.  

 

The Contract will not have any impact on the share capital and/or shareholding structure of HEB.

 

Directors’ and/or major shareholders’ interests

 

None of the Directors and/ or Major Shareholders of HEB and persons connected to them has any interest, direct or indirect, in the Contract.

 

Risk Factors

 

The risk factors affecting the Contract include, but not limited to, delayed completion of the feasibility study due to factors beyond control. However, HEB Group has, throughout the years, established its track record and expertise in undertaking feasibility studies. The Board of Directors believes that HEB Group is able to mitigate any adverse impact of such factors.

 

Directors’ Statement

 

The Board of Directors, after considering all the relevant factors, is of the opinion that the submission of a proposal for the Contract is in the best interest of HEB Group.

 

This announcement is dated 18 January  2018.  





Announcement Info

Company Name HSS ENGINEERS BERHAD
Stock Name HSSEB
Date Announced 18 Jan 2018
Category General Announcement for PLC
Reference Number GA1-18012018-00036
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