1. INTRODUCTION

The Board of Directors of WZ Satu wishes to announce that WZS Misi Setia Sdn. Bhd. (“WZS Misi Setia”), a wholly-owned subsidiary of the Company has received a purchase order amounting to approximately RM16.5 million dated 9th October 2020 from AsPac Lubricants (Malaysia) Sdn. Bhd. (“AsPac Lubricants”) a member of the BP Group of Companies, with its office address at Lot No. 197 II & 197 III, Jalan Pelabuhan Utara, 42000 Pelabuhan Klang, Selangor Darul Ehsan for the Mechanical, Electrical and Instrumentation Installation works for its lubricant blending plant (“the Contract”).

WZS Misi Setia’s scope of work are mechanical, electrical and instrumentation installation works in line with the Plant upgrading for AsPac Lubricants in Port Klang, Selangor Darul Ehsan including supply of partial materials, construction and commissioning of the upgrading system.

2. DURATION AND VALUE OF THE CONTRACT

1. The value of the Contract is approximately RM16.5 million.
2. The duration of the Contract is for 8 months commencing from 1 October 2020.

3. RISK FACTORS

The Company does not foresee any exceptional risk factors other than the normal operational risks associated with the Contract and will take the necessary steps to mitigate these risks as and when it occurs.

4. FINANCIAL EFFECTS

The Contract is expected to contribute positively to the future earnings and net assets per share of the Company for the financial period/year ending 31 December 2020 and 31 December 2021.

5. DIRECTORS’ AND/OR MAJOR SHAREHOLDERS’ INTEREST

None of the Directors and/or major shareholders and/or persons connected to them have any direct or indirect interest in the Contract.

6. DIRECTORS’ STATEMENT

The Board of Directors of the Company, having taken into consideration all aspects of the Contract, is of the opinion that the Contract is in the best interest of the Company.

This announcement is dated 9 October 2020.