POWERWELL BAGS CONTRACTS WORTH RM21.7 MILLION SINCE SEPTEMBER 2020 WITH OUTSTANDING ORDER BOOK OF OVER RM80 MILLION

We refer to your Company’s announcement dated 15 October 2020, in respect of the aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

1) The dates of commencement and completion of works for the LRT 3 Project under the contracts secured from Sunway Group and other contractors (“LRT 3 Project Contracts”).
2) The names of the “other contractors” from whom the contracts totalling RM3.7 million were secured (“Other Contracts”).

3) To specify the products to be supplied by Powerwell Holdings Berhad (“Powerwell”) under the Other Contracts.
4) It is stated that the “total LRT 3 Project contract wins” by Powerwell is RM6.7 million. However, it is also stated that Powerwell has secured 2 contracts totalling RM9.1 million from Sunway Group, and Other Contracts totalling RM3.7 million. To reconcile.
5) The risks in relation to the LRT 3 Project Contracts.
6) Whether the directors, major shareholders and/or persons connected with them have any interest, direct or indirect, in any of the LRT 3 Project Contracts, and the nature and extent of their interests.

7) A statement by the board of directors (excluding interested directors, if any) stating whether the LRT 3 Project Contracts are in the best interests of Powerwell. Where a director disagrees with such statement, a statement by the said director setting out the reasons and the factors taken into consideration in forming that opinion.

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

Yours faithfully,
Listing, 
Regulation

Cc : Market Surveillance Dept. , Securities Commission (via fax)