ECOHLDS

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OTHERS ECOBUILT HOLDINGS BERHAD ("ECOBUILT" OR "THE COMPANY") - Letter of Award

ECOBUILT HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description
ECOBUILT HOLDINGS BERHAD ("ECOBUILT" OR "THE COMPANY") - Letter of Award

1.         Introduction

 

The Board of Directors of ECOBUILT is pleased to announce that its wholly owned subsidiary company, E&J Builders Sdn Bhd (“E&J”), had on 5 January 2021 accepted the Letter of Award from VTS Property Builders Sdn. Bhd. [Company No. 201501028442 (1153766-X)] for the appointment of E&J as the Main Contractor to undertake construction works for the proposed amended approved development plan of 15-Storey Retail & Commercial Suites comprising Tower A - 13 Storey Commercial Suites (102 units), Tower B - 12 Storey Commercial Suites (108 units), Tower C - 11 Storey Commercial Suites (73 units) and 6 Storey Podium Car Park, Retail & Office with subsidiary titles to be applied for on TL.017541409 along Lorong Ikan Juara 3, Sadong Jaya, Kota Kinabalu, Sabah ("the Project").

 

2.        Contract sum and completion date

 

The contract sum for the Project is Ringgit Malaysia Seventy Two Million Three Hundred Twenty Four Thousand Eight Hundred Seventy One And Cents Forty Four only (RM72,324,871.44) and the Project is expected to be completed within twenty seven (27) months ie by 26th April 2023 or within such extended date as Conditions of Contract provides.

 

3.         Financial effects 

 

The Project is expected to contribute positively to the earnings and net assets of ECOBUILT Group for the financial year ending 31 May 2021.

 

4.         Risks

 

The risks associated with the project are mainly operational risks, inter-alia, the inefficiency of operations and competition, as well as subject to challenges and risks arising from the property construction business. Notwithstanding this, the Board is confident given the competency and experience of the director, Datuk Ong Chee Koen and their team in the property construction industry and project management, the associated risks could be minimised.

 

The Project, upon commencement, will be subject to market risk, industry risk and also economy risk which may affect the property construction industry.

 

5.         Directors’ and Major Shareholders’ Interest

 

None of the Directors and/or major shareholders of the Company or persons connected with them, have any interest, direct or indirect, in the Project.

 

This announcement is dated 5 January 2021.






Announcement Info

Company Name ECOBUILT HOLDINGS BERHAD
Stock Name ECOHLDS
Date Announced 05 Jan 2021
Category General Announcement for PLC
Reference Number GA1-05012021-00045