KUALA LUMPUR (Jan 4): Damansara Holdings Bhd (DBHD) (formerly known as Damansara Realty Bhd) said its 70% subsidiary TMR LC Services Sdn Bhd had accepted a contract extension from Petronas Refinery and Petrochemical Corporation Sdn Bhd worth RM67.4 million.

In a filing today, the group said its unit accepted the contract extension on March 11, 2020, for Package 20-A5 entailing the operation and maintenance of Rapid Temporary Executive Village, Rapid Temporary Management Office and infrastructure for Refinery and Petrochemical Integrated Development (RAPID) at Pengerang, Johor.

DBHD said it only received the approval to release the announcement last week, on Dec 28.

It said the extension includes several amendments to the scope of works, including a change in operation of accommodation and cafeteria services, change in The Hive maintenance scope for buildings and infrastructure, additional operation and maintenance for non-process buildings and visitor centres, as well as provision for office and pantry supplies.

The extension period is for two years starting March 1, 2020, until Feb 28, 2022.

“The revenue from the contract extension is expected to contribute positively to the earnings of the group during the duration of the contract. The contract extension will not have any effect on the share capital and shareholding structure of DBHD,” it said.

At 12.30pm, DBHD fell one sen or 2.8% to 36 sen, giving a market capitalisation of RM114.62 million.