1. Introduction

HEB wishes to announce that on 3 January 2024, HSS Integrated Sdn Bhd (“HSSI”), an associate of HEB, has accepted a Letter of Award (“LOA”) from Port Klang Cruise Terminal Sdn Bhd (“Client”) for the provision of Project Management Consultancy Services for Extension of Wharf and Development of Associated Facilities at Port Klang Cruise Terminal, Pulau Indah, Pelabuhan Klang, Selangor (“Services”).

2. Information on the Services

The Services conducted by HSSI shall include, but not limited to preparation of pre-development studies, conceptual masterplan, project management and construction supervision of an Engineering, Procurement, Construction and Commissioning (“EPCC”) contract.

Pursuant to the exclusive teaming arrangement between HSSI and HSS Engineering Sdn Bhd (“HSSE”), a wholly-owned subsidiary of HEB, HSSI and HSSE will be collaborating exclusively to execute and complete the Services. 

3. Financial Effects

The Services is expected to contribute positively to the revenue, earnings and net assets of HEB Group for financial years ending 31 December 2024 to 31 December 2026.

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

4. Risk Factors

The risk factors affecting the Services include, but not limited to execution risks, such as dependency on the schedule of implementation and progress of the project given the role of HSSI 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 Services, 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 Services.

7. Directors’ Statement

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

This announcement is dated 3 January 2024.