News

The Board of Directors of KAB is pleased to announce that KAB had on 20 November 2017 and 21 November 2017 accepted Letters of Acceptance for two contracts (“LOAs”) respectively with a combined value of RM23.8 million.

Details of the contracts are as summarised below :-

1.         Provision of electrical engineering services for Greenfield Residence

The first LOA, with the contract sum of RM9.8 million, was accepted from Sri Binaraya Sdn Bhd. The Company shall act as a nominated subcontractor for the complete supply, delivery, installation, testing and commissioning of the electrical system for Greenfield Residence, a three-tower apartment complex located in Bandar Sunway, Selangor. The delivery of KAB's services is expected to be completed by 30 April 2020.

2.         Provision of electrical engineering and extra low voltage services for Cerrado (Phase 1)

The second LOA, with the contract sum of RM14.0 million, was accepted from Pembinaan Bintang Baru Sdn Bhd. The Company shall act as a nominated subcontractor for the provision of electrical engineering and extra low voltage services for Cerrado (Phase 1), a serviced residence that has two blocks of serviced apartments, five units of three-storey villas along with recreational and commercial facilities located in Sepang, Selangor. The delivery of KAB's services is expected to be completed by 10 February 2020.

The LOAs are expected to contribute positively to the future earnings of KAB for the duration of the respective contracts.

There are no foreseeable significant risks other than normal business and operational risk associated with the LOAs.

None of the Directors and/or major shareholders of the Company or persons connected with them, have any interest, direct or indirect, in the LOAs.

This announcement is dated 21 November 2017.