KPS

0.800

+0.025 (+3.2%)

OTHERS PROVISION OF FINANCIAL ASSISTANCE IN THE FORM OF CORPORATE GUARANTEE ("CG") FROM KUMPULAN PERANGSANG SELANGOR BERHAD ("PERANGSANG SELANGOR" OR "THE COMPANY") OF RM4,447,200.00 TO CENTRAL SPECTRUM (M) SDN BHD ("CSSB") IN PROPORTION TO THE 51% SHAREHOLDING HELD BY PERANGSANG SELANGOR IN KPS-HCM SDN BHD ("KPS-HCM")

KUMPULAN PERANGSANG SELANGOR BERHAD

Type Announcement
Subject OTHERS
Description
PROVISION OF FINANCIAL ASSISTANCE IN THE FORM OF CORPORATE GUARANTEE ("CG") FROM KUMPULAN PERANGSANG SELANGOR BERHAD ("PERANGSANG SELANGOR" OR "THE COMPANY") OF RM4,447,200.00 TO CENTRAL SPECTRUM (M) SDN BHD ("CSSB") IN PROPORTION TO THE 51% SHAREHOLDING HELD BY PERANGSANG SELANGOR IN KPS-HCM SDN BHD ("KPS-HCM")

1. INTRODUCTION

 

Our announcements made on 17 October 2017, 11 January 2019, 28 February 2019, 30 May 2019, 30 August 2019, 28 November 2019, 30 January 2020 and 28 May 2020 in relation to the provision of financial assistance in the form of CG provided by Perangsang Selangor of RM4,447,200.00 to CSSB in favour of KPS-HCM in proportion to the 51% shareholding held by the Company in KPS-HCM in relation to the Contract (as defined in the earlier announcements) awarded by CSSB to KPS-HCM vide CSSB’s letter of award dated 13 June 2017 (“Provision of Financial Assistance”) refer.

 

2. UPDATE ON THE CONTRACT

 

Pursuant to Paragraph 9.19(47)(a) of Bursa Malaysia Securities Berhad Main Market Listing Requirements, the Board of Directors of Perangsang Selangor wishes to update that subsequent to a Letter dated 30 May 2020 from the consultant, Messrs Ganendra, Ahmad & Associates Sdn Bhd, which was received by KPS-HCM on 24 July 2020, CSSB has granted an Extension of Time No. 4 (“E.O.T No. 4”) of another eighty two (82) days for the Contract to KPS-HCM; of which KPS-HCM has accepted on 28 July 2020. 

 

The E.O.T No. 4 is granted by CSSB in consequence to the followings:

 

(a) Although the infrastructure works have been practically completed, KPS-HCM is unable to carry out the tests on the following due to unavailability of Electrical and water supplies

     due to the enforcement of Movement Control Order (“MCO”) and Conditional MCO, which took effect from 18 March 2020 to 9 June 2020:

 

     i. Suction Reservoir, Pump Station and Elevated Water Tank

        a. Water Tightness Test.

        b. Mechanical, Electrical and Telemetry Test

        c. Final Inspection, Sterilization, Dewatering, Flushing and Water Quality Test

 

    ii. Street-Lighting System

       a. Testing and Commissioning for Street-lights services.

 

   iii. Sewerage Treatment Plant (“STP”)

       a. Testing of STP equipment.

 

As a result, the date of completion for the Contract has been further extended from 1 April 2020 to 31 July 2020 (E.O.T No. 4).

 

In view of the E.O.T No. 4, the CG shall therefore be extended until the new date of Certificate of Practical Completion plus three (3) months.

 

This announcement is dated 28 July 2020






Announcement Info

Company Name KUMPULAN PERANGSANG SELANGOR BERHAD
Stock Name KPS
Date Announced 28 Jul 2020
Category General Announcement for PLC
Reference Number GA1-28072020-00021