The Board of Directors of Fajarbaru Builder Group Bhd. ("FBG" or "the Company") wishes to announce that a wholly owned subsidiary of the Company, Fajarbaru Builder Sdn. Bhd. (“FBSB”) has on 21 May 2015 received a Letter of Acceptance dated 20 May 2015 from East Coast Economic Region Development Council (”ECERDC”) in respect of the contract for “The Proposed Construction and Completion of Kuantan Port Expansion External Insfrastructure Works, Kuantan, Pahang Darul Makmur for the East Coast Economic Region Development Council (ECERDC): Package 2 - Access Roads and Bridge to Port, Upgrading the Existing Drain C and All Associated Works” (“the Contract”).
The construction duration is One Hundred Twenty (120) weeks commencing from 3 June 2015.
The Contract value is RM109,592,363.38 (Ringgit Malaysia One Hundred Nine Million Five Hundred Ninety Two Thousand Three Hundred Sixty Three and Cents Thirty Eight only).
The Contract will have no material effect on the share capital and substantial shareholders’ shareholding of FBG.
The Contract is expected to contribute positively to the earnings and net assets of the FBG Group for the financial year ending 30 June 2016, 30 June 2017 and 30 June 2018.
None of the Directors and Substantial Shareholders, persons connected to the Directors or Substantial Shareholders of the Company and its subsidiaries or persons connected thereto have any interest, direct or indirect in the Contract.
The Directors of the Company are of the opinion that the Contract is in the best interest of the Group.
This announcement is dated 21 May 2015.
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