OTHERS HSS ENGINEERS BERHAD ("HEB" OR "THE COMPANY") ACCEPTANCE OF LETTER OF APPOINTMENT FROM PENGURUSAN ASET AIR BERHAD IN RELATION TO "PERKHIDMATAN PERUNDING KEJURUTERAAN UNTUK CADANGAN KAJIAN DAN PEMBINAAN LOJI RAWATAN AIR BARU SERTA KERJA-KERJA MEMPERTINGKATKAN SISTEM BEKALAN AIR DI DAERAH BATU PAHAT, JOHOR ("SERVICES")"
| HSS ENGINEERS BERHAD |
| Type | Announcement |
| Subject | OTHERS |
| Description | HSS ENGINEERS BERHAD ("HEB" OR "THE COMPANY")
ACCEPTANCE OF LETTER OF APPOINTMENT FROM PENGURUSAN ASET AIR BERHAD IN RELATION TO "PERKHIDMATAN PERUNDING KEJURUTERAAN UNTUK CADANGAN KAJIAN DAN PEMBINAAN LOJI RAWATAN AIR BARU SERTA KERJA-KERJA MEMPERTINGKATKAN SISTEM BEKALAN AIR DI DAERAH BATU PAHAT, JOHOR ("SERVICES")" |
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1. INTRODUCTION
HEB wishes to announce that on 6 September 2022, SMHB Sdn Bhd (“SMHB”), an associate of HEB, has accepted a Letter of Appointment from Pengurusan Aset Air Berhad appointing SMHB as the engineering consultant for the Services.
2. INFORMATION ON THE SERVICES
Estimated Services Value : RM11,564,973.97 (including the 6% of Services Tax). Commencement : 19 September 2022 Estimated Services Duration : 72 months
SMHB’s scope of services under the Services is to provide design and construction supervision.
Pursuant to the exclusive teaming arrangement between SMHB and SMHB Engineering Sdn Bhd (“SMHBE”), a wholly-owned subsidiary of HEB, SMHB and SMHBE will be collaborating exclusively to execute and complete the Services.
3. FINANCIAL EFFECTS
The Services are expected to contribute positively to the revenue, earnings and net assets of HEB Group for the financial years ending 31 December 2022.
The Services will not have any impact on the share capital and/or shareholding structure of HEB.
The Services are expected to be funded via internally generated funds and/or external borrowings.
4. RISK FACTORS
The risk factors affecting the Services include, but not limited to execution risks, such as dependency on the schedule of implementation and progress of the said Services given the role of SMHB pursuant to the Services as described above. Nonetheless, HEB Group has, throughout the years, established its track record and expertise in undertaking such projects. As such, the Board of Directors believes that HEB Group is able to mitigate the aforesaid risk factors.
5. APPROVAL REQUIRED
The Services, being part of the ordinary course of business of HEB Group, is not subject to the approval of shareholders of HEB or any relevant authorities.
6. DIRECTORS’ AND/OR MAJOR SHAREHOLDERS’ INTERESTS
None of the Directors and/ or Major Shareholders of HEB and persons connected to them has any interest, direct or indirect, in the Services.
7. DIRECTORS’ STATEMENT
The Board of Directors, after considering all the relevant factors, is of the opinion that the acceptance of the Services is in the best interest of HEB Group.
This announcement is dated 6 September 2022. |
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Announcement Info
| Company Name | HSS ENGINEERS BERHAD |
| Stock Name | HSSEB |
| Date Announced | 06 Sep 2022 |
| Category | General Announcement for PLC |
| Reference Number | GA1-06092022-00010 |