The Board of Directors of WSC is pleased to announce that its indirect subsidiary, PT. Wasco Engineering Indonesia (“PTWEI”), a company incorporated in Indonesia has been awarded a subcontract by Schneider Electric France SAS, a company organized and existing under the laws of  France and registered with the French Trade Register of Nanterre under the number 421106709, valued at USD41,245,862 (equivalent to RM166.7 million based on the exchange rate of USD1.00 to RM4.0416) for the design and build up of seven (7) Pre-Fabricated Area Sub-Stations for a project in Kazakhstan.

The scope of work of the subcontract involves 3D modelling, structural analysis and design, blast wall design and design of all ancillary system such as lighting, safety, fire and gas detection. It also includes the provision of all necessary manufacturing drawings and full procurement of all items within its design scope and subsequently fully responsible for all aspects of the construction phase including installation and integration of all of the free issue equipment. The activity is expected to commence in the third quarter of 2016 and be completed by 31 December 2018.

The subcontract is for the provision of engineering, design, fabrication and construction services for the oil and gas industry which are within the business scope of WSC Group and the risks are the normal operational risks associated with the said business.

The subcontract is expected to contribute positively to the earnings of WSC Group over the subcontract period. The subcontract is project specific and is not renewable.

None of the Directors, major shareholders of WSC and / or persons connected to them have any interest, direct or indirect, in the subcontract.

About Schneider Electric France SAS:

Schneider Electric France SAS (“SEF”) specialises in the design, manufacturing and sale of electric equipment and industrial automation systems and is the world leader in electrical distribution and automation & control systems. SEF develops a global offer of products and services for the residential, buildings, industry, energy and infrastructure markets.

This announcement is dated 4 August 2016.