SENDAI

0.695

-0.015 (-2.1%)

OTHERS EVERSENDAI CORPORATION BERHAD ("ECB" or The Company)

EVERSENDAI CORPORATION BERHAD

Type Announcement
Subject OTHERS
Description
EVERSENDAI CORPORATION BERHAD ("ECB" or The Company)

(Unless stated otherwise, all abbreviations used herein shall have the same meaning as those mentioned in the Company's announcement dated 13 March 2024.)

 

Reference is made to the announcement dated 13 March 2024, in relation to new projects secured worth RM5.4 billion (“New Projects”).

 

1)    Details on the 4 New Projects secured by subsidiaries of EVERSENDAI as follows:

 

 No.

Name of the companies that awarded the contract/ project

Name of the recipient (Company’s subsidiaries)

Date of securing the projects by the Company’s subsidiaries

Value of the project/ contract secured

(in RM)

Tenure of the project/ contract

Whether the project/ contract is subject to renewal

1.

NEOM Company

Eversendai Engineering Saudi LLC

7 Mar 2024

 

28.5 months

No

2.

ALEC Engineering and Contracting LLC – RAK Branch

Eversendai Mega Structure FZ-LLC

4 Dec 2023 (Due to procedural delays, Eversendai Mega Structure FZ-LLC company got incorporated only on 24 Jan 2024 under RAK Economic Zone.)

 

 11.5 months

No

3.

RUPA Infotech & Infrastructure Pvt Ltd

Eversendai Construction Private Limited

8 Mar 2024

 

23 months

 No

4.

Maryland Infrastructure Pvt Ltd

 Eversendai Construction Private Limited

8 Mar 2024

 

25 months

 No

Total Sum

5,372 million

 

 

Note: We are unable to provide a breakdown of project/contract value as this would violate the NDAs signed as well as jeopardise our position with our competitors and clients.

 

2)    In respect to the collaboration by Eversendai Engineering Saudi LLC with Albawani Company Limited in securing contract in NEOM, KSA, to state whether the collaboration is subject to joint control in which the parties bear the costs of the project and receive a share of any resulting output. If yes, please specify the percentage of cost and profit sharing between the parties. 

        Eversendai Engineering Saudi LLC collaborated with Al Bawani to tender for the said project. Upon securing the project, both parties shall formalise the relationship.  Discussions are in progress and once formalised, we will make the announcement.

        To also state the equity participation of the parties if a joint venture corporation is/will be formed. 

        No incorporated joint venture will be formed, this is a project specific collaboration.

 

3)    Reason for not announcing the awards/ contracts immediately upon receipt of the same pursuant to Paragraph 9.03 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad.

        Due to legal implications from the Non-Disclosure Agreements signed with the clients, we are required to obtain consent/approvals by the end clients before we can make any public announcements.  We are also constrained in making any single project announcement which jeopardises our position with our competitors and clients by disclosing the exact contract value for each individual project.

 

This announcement is dated 18 March 2024.






Announcement Info

Company Name EVERSENDAI CORPORATION BERHAD
Stock Name SENDAI
Date Announced 18 Mar 2024
Category General Announcement for PLC
Reference Number GA1-18032024-00049