OTHERS GDB HOLDINGS BERHAD ("GDB" OR THE "COMPANY") - ACCEPTANCE OF LETTER OF AWARD FROM HAP SENG LAND DEVELOPMENT (PUCHONG) SDN BHD BY GRAND DYNAMIC BUILDERS SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY
GDB HOLDINGS BERHAD |
Type | Announcement |
Subject | OTHERS |
Description | GDB HOLDINGS BERHAD ("GDB" OR THE "COMPANY") - ACCEPTANCE OF LETTER OF AWARD FROM HAP SENG LAND DEVELOPMENT (PUCHONG) SDN BHD BY GRAND DYNAMIC BUILDERS SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY |
1. INTRODUCTION The Board of Directors of GDB (“Board”) wishes to announce that its wholly-owned subsidiary, Grand Dynamic Builders Sdn Bhd (“GDBSB”) had on 15 November 2019 accepted the Letter of Award (“LOA”) from Hap Seng Land Development (Puchong) Sdn Bhd [Registration No. 199501007587 (336785-W)] (the “Employer”) as the Main Contractor for main building works for the proposed one 7-storey block Hap Seng Star Mercedes-Benz Autohaus building located at No. 6 (PT 26923), Jalan Setia Murni AH U13/AH, Setia Alam, Seksyen U13, 40170 Shah Alam, Selangor Darul Ehsan for a total contract value of RM67.9 million only for Messrs Hap Seng Realty (Auto) Sdn Bhd (the “Contract”).
2. INFORMATION ON THE CONTRACT The Employer is a wholly-owned subsidiary of Hap Seng Consolidated Berhad.
The Contract consists of the following:
The Contract shall commence on 28 November 2019 for a duration of 15 months and is scheduled to be completed by 27 February 2021.
3. RISK FACTORS There are no foreseeable significant risks other than operational risk associated with the Contract during the contract period.
4. FINANCIAL EFFECTS Barring any unforeseen circumstances, the Contract is expected to contribute positively towards the future earnings of GDB for the duration of the Contract and will not have any effect on the share capital and substantial shareholders’ shareholdings of GDB.
GDB intends to fund the Contract via internally generated funds.
5. DIRECTORS’ AND SUBSTANTIAL SHAREHOLDERS’ INTEREST None of the Directors or substantial shareholders of GDB or persons connected to them has any interest, direct or indirect, in the Contract.
6. DIRECTORS’ STATEMENT The Board, after due consideration, is of the opinion that the Contract is in the best interest of the Group. The Contract is being entered into in the ordinary course of business and is not subject to the approval of shareholders.
This announcement is dated 15 November 2019.
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Announcement Info
Company Name | GDB HOLDINGS BERHAD |
Stock Name | GDB |
Date Announced | 15 Nov 2019 |
Category | General Announcement for PLC |
Reference Number | GA1-14112019-00023 |