CBIP

1.230

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OTHERS CB Industrial Product Holding Berhad (CBIPH) or (the Company) - Contracts entered into between Modipalm Engineering Sdn. Bhd. and Vanimo Green Palm Oil Mill Limited, a subsidiary of PNG Plantations Development Sdn. Bhd. and Merchong Palm Oil Mill Sdn. Bhd., a subsidiary of Prosper Group.

Amended Announcements
Please refer to the earlier announcement reference number: CI-141014-17148

CB INDUSTRIAL PRODUCT HOLDING BERHAD

Type Announcement
Subject OTHERS
Description 
CB Industrial Product Holding Berhad (CBIPH) or (the Company)
- Contracts entered into between Modipalm Engineering Sdn. Bhd. and Vanimo Green Palm Oil Mill Limited, a subsidiary of PNG Plantations Development Sdn. Bhd. and Merchong Palm Oil Mill Sdn. Bhd., a subsidiary of Prosper Group.

The Board of Directors of the Company is pleased to announce that Modipalm Engineering Sdn Bhd, a wholly-owned subsidiary of the Company, has entered into the following contracts with Vanimo Green Palm Oil Mill Limited, a subsidiary of PNG Plantations Development Sdn. Bhd. and Merchong Palm Oil Mill Sdn Bhd, a subsidiary of Prosper Group (“Contracts”) on 8 September 2014 and 13 October 2014 respectively, with details as follows: 

Details Amount

Contract with Vanimo Green Palm Oil Mill Limited

Design, manufacture, supply, install, testing and commissioning of civil, mechanical and electrical works for a 60MT/hour Modipalm Continuous Sterilization palm oil mill for Vanimo Green Palm Oil Mill Limited in Papua New Guinea

 RM57,000,000

Contract with Merchong Palm Oil Mill Sdn. Bhd.

Design, manufacture, supply, install, testing and commissioning of civil, mechanical and electrical works for a 60MT/hour Modipalm Continuous Sterilization palm oil mill for Merchong Palm Oil Mill Sdn. Bhd. in Malaysia

 RM48,500,000
Total    RM105,500,000

None of the Directors and/or major shareholders of the Company and/or persons connected to them have any interests, direct or indirect, in the Contracts. 

The Contracts are expected to contribute positively to the earnings of CBIPH Group for the financial years ending 31 December 2015 and 31 December 2016.

The Company does not foresee any exceptional risk other than normal operational risk associated with the Contracts. 

This announcement is dated 16 December 2016.

Remark:

The Board of Directors of the Company wishes to clarify that Vanimo Green Palm Oil Mill Limited is a subsidiary of PNG Plantations Development Sdn. Bhd. instead of Prosper Group.

Reason:

The Company discovered that Vanimo Green Palm Oil Mill Limited is a subsidiary of PNG Plantations Development Sdn. Bhd. instead of Prosper Group.

 



Announcement Info

Company Name CB INDUSTRIAL PRODUCT HOLDING BERHAD
Stock Name CBIP
Date Announced 16 Dec 2016
Category General Announcement for PLC
Reference Number GA1-16122016-00075


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