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Acceptance Of Appointment As The Independent Consultant Engineer For Projek Mass Rapid Transit Lembah Kelang : Laluan 3, Circle Line

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Type Announcement
Subject OTHERS
Description

HSS Engineers Berhad ("HEB") - Acceptance of Appointment as the Independent Consultant Engineer for Projek Mass Rapid Transit Lembah Kelang : Laluan 3, Circle Line

Introduction

 

HEB wishes to announce that its associate company, HSS Integrated Sdn Bhd ("HSSI"), has on 12 April April 2018 accepted a Letter of Appointment dated 26 March 2018 from Mass Rapid Transit Corporation Sdn Bhd appointing HSSI as the Independent Consultant Engineer for “Projek Mass Rapid Transit Lembah Kelang: Laluan 3, Circle Line” (“Contract”).

 

Information on the Contract

 

The Contract, with a value of RM289,893,789 (inclusive of GST), commenced on 6 March 2018 and is expected to complete in 2026. 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. 

 

Financial Effects

 

The Contract is expected to contribute positively to the revenue, earnings and net assets of HEB Group for financial years ending 31 December 2018 to 31 December 2026.  

 

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, execution risks such as dependency on the progress of the Mass Rapid Transit Lembah Kelang: Laluan 3, Circle Line given that HSSI’s role as Independent Consultant Engineer pursuant to the Contract. HEB Group has, throughout the years, established its track record and expertise to undertake such projects. As such, the Board of Directors believes that HEB Group is able to mitigate the aforesaid risk factors.

 

Directors’ Statement

 

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

 

This announcement is dated 12 April 2018.

 





Announcement Info

Company Name HSS ENGINEERS BERHAD
Stock Name HSSEB
Date Announced 12 Apr 2018
Category General Announcement for PLC
Reference Number GA1-12042018-00026