's 51%-owned subsidiary Formis Network Services Sdn Bhd (FNS) has received a RM14.44mil contract from the Road Transport Department (JPJM) for the Automated Awareness Security System (AwAS) project.In a filing with Bursa Malaysia, Omesti said the contract is for a period of 18 months from Sept 14,2020, to March 14, 2022.
It added that the contract is subject to the acceptance of the letter of award by FNMS and a formal agreement to be entered into between JPJM and FNS.
"The LOA will have no effect on the issued share capital and substantial shareholders’ shareholdings of the Company.
"The LOA is expected to contribute positively to the revenue, earnings per share and net assets per share of Omesti Group and is not expected to have a material effect on the gearing of Omesti Group for the financial year ending 31 March 2021 onwards until the expiry of the JPJM Contract," it said.