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 18 January 2021 accepted the Letter of Award from Golden Wave Sdn. Bhd. [Company No. 199001002293 (193856-U)] for the appointment of E&J as the Main Contractor to undertake construction works for the proposed mixed commercial development of Main Buildings & External Works for Retail (Basement Carparks, Level 1 & 2) & Serviced Apartments (Basement & Podium Carparks, Level 2 to 14) (with block & subsidiary (strata) titles to be applied for) on land vested with DBKK G.N.1049, Jalan Wawasan, Kota Kinabalu, Sabah ("the Project").

2.        Contract sum and completion date

The contract sum for the Project is Ringgit Malaysia One Hundred Sixty Six Million Three Hundred Seventy Three Thousand Five Hundred Fifty Seven and Cents Seventy Three only (RM166,373,557.73) and the Project is expected to be completed within sixteen (16) months ie by 4th May 2022 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 18 January 2021.