The Board of Directors of Varia is pleased to announce that Pembinaan Teguh Maju Sdn Bhd, a wholly-owned subsidiary of Varia, has on 14 August 2024 accepted a Letter of Award from Kemuncak Pesaka Sdn Bhd for a project known as “Cadangan Mereka Bentuk, Membina, Menyiapkan, Menguji dan Mentauliah Pembinaan Asrama Pelajar, Pusat Antarabangsa dan Mobiliti, Pusat Kemahiran Bahasa, Ruang-Ruang Sokongan dan Infrastruktur Luaran, serta Kerja-Kerja berkaitan dengannya di Kampus Sultan Azlan Shah (KSAS), Universiti Pendidikan Sultan Idris, Tanjong Malim, Perak” (“Project”) – appointment as sub-contractor for the construction and completion of main building works and external works of the Project (“Contract”).

The total sum of the Contract is Ringgit Malaysia Sixty One Million Four Hundred and Forty Eight Thousand (RM61,448,000.00) only. The Contract is for a period of 31 months from the date of commencement on 19 August 2024 until the date of completion on 31 March 2027.

The Contract is expected to contribute positively to the earnings of Varia Group for the relevant financial periods within the duration of the Contract. The Contract will not have any effect on the share capital and shareholding structure of Varia.

The risk factors affecting the Contract includes changes in economic, political and regulatory environment and general operational risks. The Group will take appropriate measures to mitigate such risks.

None of the Directors and/or major shareholders of the Company and/or persons connected with them has any interest, whether direct or indirect, in the Contract, other than the common directorships of Datuk Wira Roslan bin Ab Rahman in Varia and Kemuncak Pesaka Sdn Bhd and he has no interest, direct or indirect in Varia and Kemuncak Pesaka Sdn Bhd.

This announcement is dated 14 August 2024.