Announcement Details :
1.0
INFORMATION OF THE PROJECT
(i)
Contract Sum
The
total Contract Sum is RM1,700,000.00 (Ringgit Malaysia:
One Point Seven Million) (Contract Sum).
(ii)
Contract Period
The
Contract Period shall be for three (3) months commencing
21st
May 2009 to 21st
August 2009.
The
overall works is 55% completion stage as at todate.
(iii)
Performance Bond
The
total amount for Performance Bond required to be furnished
is RM85,000.00 being 5% of the Contract Sum.
(iv)
Public Liability Policy
KSSB
is required to submit Insurance Policy with a minimum liability
of RM200,000.00 favouring PKNK. The
policy shall cover from the period of commencement to the
end of liability period on 5th
December 2010.
(v)
Insurance Policy for the Work
KSSB
is required to provide Insurance Policy for the work worth
RM1,700,000.00 favouring PKNK from 21st
May 2009 to 21st
August 2010.
(vi)
Workmen’s Compensation Policy
KSSB
is required to subscribe Workmen’s Compensation Policy
with a minimum liability of RM1,700,000.00 favouring PKNK.
The Policy shall cover from the period of 21st
May 2009 to 5th
December 2010.
2.0
INFORMATION ON RELATED PARTIES
PKNK
was established as state statutory corporation on 25th
August 1965 to the Kedah State Development Corporation
Enactment No. 5 of 1965. PKNK
is the holding corporation of BDB, holding 59.94% of the
total issued and paid up capital.
KSSB
is a wholly owned subsidiary of BDB with its principal activity
as a Class A building and general contractor.
3.0
DIRECTORS AND SUBSTANTIAL SHAREHOLDER’S
INTERESTS
None
of the Directors of BDB or KSSB, major shareholders and
person connected thereto has any interest, direct or indirect
in the above said transaction except in so far as to their
positions as nominee directors of BDB or KSSB or Chief Executive
Officer of PKNK respectively.
Y.Bhg.
Dato’ Paduka Hj. Mohd Saad bin Endut, En. Jahubar
Sathik bin Abdul Razak and Y.Bhg.
Dato’ Wira Hj. Hassan bin Taib who sit on the Board
of KSSB as nominee directors of BDB, have abstained in the
deliberation and acceptance of the Project.
Y.Bhg.
Dato’ Abdul Rahman bin Ibrahim who sits on the Board
of BDB is also the CEO of PKNK.
4.0
FINANCIAL EFFECT
The
project is expected to contribute positively to the Group’s
earnings for the financial year 2009.
5.0
DOCUMENTS FOR INSPECTION
The
said Interim Letter of Award and “Surat
Pemberitahuan Penerimaan Tender” dated 29th
April 2009 and 17th May 2009 respectively can
be inspected at the Registered Office, Aras 9, Menara BDB,
88 Lebuhraya Darulaman, 05100 Alor Setar, Kedah.
This
announcement is dated 3rd
August 2009.