FITTERS

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OTHERS FITTERS DIVERSIFIED BERHAD ("THE COMPANY") RESCISSION OF LETTER OF AWARD FROM PENCALA JAYA SDN BHD TO FITTERS CONSTRUCTION SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF FITTERS DIVERSIFIED BERHAD

FITTERS DIVERSIFIED BERHAD

Type Announcement
Subject OTHERS
Description
FITTERS DIVERSIFIED BERHAD ("THE COMPANY") 
RESCISSION OF LETTER OF AWARD FROM PENCALA JAYA SDN BHD TO FITTERS CONSTRUCTION SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF FITTERS DIVERSIFIED BERHAD

Reference is made to the Company’s announcement dated 30 November 2020 in relation to the acceptance of letter of award issued by Pencala Jaya Sdn Bhd to FITTERS Construction Sdn Bhd for preliminary planning, infra-structure and main building works for Phase 3 of its development of 2-storey and 3-storey terrace houses for “Cadangan Rumah Teres 2-3 Tingkat Secara Serah Balik Di Atas Lot 4099 - 4104  & Sebahagian Lot 4098 (Tanah Rizab Melayu), Mukim Rawang, Daerah Gombak, Selangor Darul Ehsan untuk Tetuan Pencala Jaya Sdn Bhd” for a lump sum contract sum of RM78.3 million.

 

The economy in particular the construction industry in Malaysia is severely affected by lockdowns to curb the spread of Covid-19. In order to adjust for the post pandemic economic landscape, the developer has changed project launching and completion dates together with significant changes to product mix which resulted in additional building costs to be incurred. In view of the changes and significant variation of building materials cost, FITTERS Construction Sdn Bhd and Pencala Jaya Sdn Bhd have mutually agreed to rescind the said Letter of Award.  Neither party shall have any claim on each other upon the rescission of the Contract.

 

 

This announcement is dated 30 August 2021.

 






Announcement Info

Company Name FITTERS DIVERSIFIED BERHAD
Stock Name FITTERS
Date Announced 30 Aug 2021
Category General Announcement for PLC
Reference Number GA1-30082021-00055