KUALA LUMPUR (Oct 25): Cabnet Holdings Bhd said its wholly-owned subsidiary CEE M&E Engineering Sdn Bhd has been appointed as a works package contractor for the electrical work package for a factory in Kedah for a contract sum of RM22.62 million.

CEE accepted the letter of award from Kinetics Systems Malaysia Sdn Bhd on Monday (Oct 25), the building management solution provider's filing showed.

Cabnet said CEE is required to submit a performance bond for the contract work in the form of banker's guarantee amounting to about RM1.11 million in favour of the contractor for the due performance and fulfilment of the contract.

The contract will commence on Oct 27, 2021 and is targeted to be completed on Feb 28, 2022.

"In the event CEE fails to complete the work by the completion date or any extension thereof, the liquidated damages of RM5,000 per day (including all Sundays and public holidays) shall be applicable. The defects liability period is 12 months commencing from the date of issuance of Certificate of Practical Completion for the contract work," it added.

Shares in Cabnet closed unchanged at 29.5 sen, for a market capitalisation of RM53 million.