EA Holdings Berhad ("EAH" or the " Company")

The Board of Directors of EAH ("Board") is pleased to announce that the wholly-owned subsidiary of the Company, namely EASS Sdn Bhd had on 22 January 2020, received and accepted an award from Innovation Associates Consulting Sdn Bhd via purchase orders for the provision of software, services, application development and maintenance of the new Hasil Integrated Tax System (HITS) to Lembaga Hasil Dalam Negeri Malaysia (“the Project”). 

The aggregated value of the Purchase Orders (“POs”) are RM21,375,000. This project shall commence on 28th January 2020 and shall be completed within three (3) years from the date of commencement.

The risks associated with the Project are mainly operational risks and risk of delay in completion of the Project. Notwithstanding this, the management of EAH and its subsidiaries ("EAH Group") shall strive to ensure full compliance to the operational procedures in the execution of the Project's requirements.

The Project is expected to contribute positively to the earnings and earnings per share of the EAH Group for the duration of the Project. The contribution to earnings arising from the Project is expected to have a positive effect on the net assets of the EAH Group for the current and future financial years.

The Project is in the ordinary course of business of the Company and is not subject to the approval of the shareholders of the Company or any other relevant government authorities in Malaysia.

None of the Directors or major shareholders or persons connected to the Directors or major shareholders has any direct or indirect interest in the Project.

This announcement is dated 24 January 2020 with update on the commencement date of the Project.