SKB Shutters' storage unit bags US$10.8m job

TheEdge Mon, Apr 18, 2016 11:03am - 7 years View Original


KUALA LUMPUR (April 18): SKB Shutters Corp Bhd's wholly-owned subsidiary SKB Storage Industries Sdn Bhd has been awarded a contract valued at about US$10.8 million (RM42.12 million) from Vietnam's Hund Vuong Corp for the supply of racking solutions and automated storage and retrieval system (ASR system).

In a filing to the Bursa Malaysia today, SKB Shutters said that the contract was awarded by Hund Vuong's subsidiary Asia Pangasius Co Ltd.

"The estimated time for the completion of the ASR system shall be a period of one year commencing from the date of signing of the ASR system contract," SKB Shutters said.

The roller shutter manufacturer said that the contract work involves the supply of racking solutions and ASR system, which is the core business of SKB Storage Industries Sdn Bhd. The risks are the normal operational risks associated in the usual course of business.

SKB Shutters noted that the contract work is expected to contribute positively to the revenue and earnings of SKB group. However, it was project specific and not renewable, it added.

"The board of directors of SKB is of the opinion that the above award of contract is in the ordinary course of business and in the best interest of SKB group," SKB Shutters noted.

Also, the transaction is not subject to the approval of shareholders of SKB Shutters or any relevant authorities.

The trading of SKB Shutters' securities was halted from 9.44am and had resumed from 10.44am today. The counter traded unchanged at 52 sen before trading halted this morning.

 

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