1. INTRODUCTION

HEB wishes to announce that on 23 May 2022, BIM Global Ventures Sdn Bhd (“BGV”), a wholly-owned subsidiary of HEB, has accepted a Letter of Award from BUCG (M) Sdn. Bhd.  (“Client”) confirming the appointment of BGV as Sub-Contractor to provide BIM Specialist Services (“Contract”) for Oxley Tower (“Cadangan Pembangunan 3 Blok Menara Perdagangan Bercampur, 78 (Menara 1), 49 (Menara 2), Dan 30 (Menara 3) Tingkat”)(“Project”).

2. INFORMATION  ON THE CONTRACT

The total contract value of the Project shall be based on a sum value of RM1,000,000.00 only (inclusive of 6% Sales and Services Tax) and the contract period shall be 20 months commencing from 14 March 2022 to 30 November 2023.

BGV’s scope of services under the Contract is to provide BIM specialist services for 3D Modelling, Coordination Works, monthly submission of as-built 3D models for valuation of interim and 4D Simulation of Construction Progress for main building works in accordance with the Client's consultant’s design drawing and structural requirement as set out for the abovementioned Project.

3. FINANCIAL EFFECTS

The Contract is expected to contribute positively to the revenue, earnings and net assets of HEB Group for the financial years ending 31 December 2023.  

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

The Project is expected to be funded via internally generated funds and/or external borrowings.

4. RISK FACTORS

The risk factors affecting the Contract include, but not limited to execution risks, such as dependency on the schedule of implementation and progress of the said Project given the role of BGV pursuant to the Contract is to provide BIM specialist services for the Project as described above. Nonetheless, HEB Group has, throughout the years, established its track record and expertise in undertaking such projects. As such, the Board of Directors believes that HEB Group is able to mitigate the aforesaid risk factors.

5. APPROVAL REQUIRED

The Contract, being part of the ordinary course of business of HEB Group, is not subject to the approval of shareholders of HEB or any relevant authorities.

6. 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.

7. 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 23 May 2022.