Announcement Details :

1.0     INTRODUCTION

Bina Darulaman Berhad (BDB) wishes to announce that its subsidiary company, Syarikat Bina dan Kuari Kedah Sdn Bhd (hereinafter referred to as “Bina Kuari or the Works Contractor”) has received Letters of Acceptance, both dated 2^nd April 2008 from MMC-Gamuda Joint Venture Sdn Bhd (hereinafter referred to as “the Employer”) to undertake the abovementioned Contracts subject to the terms and conditions as stipulated in the said Letters of Acceptance.

2.0     INFORMATION ON THE PARTIES

Bina Kuari is a wholly owned subsidiary of BDB which has its principal business as a quarry operator as well as a contractor specializing in road construction and maintenance.
MMC-Gamuda Joint Venture Sdn Bhd is a joint venture company jointly owned by Malaysia Mining Corporation Berhad and Gamuda Berhad which has been awarded by the Malaysian Government to carry out Electrified Double Tracking Railway Project from Ipoh to Padang Besar.

3.0     SCOPE OF WORKS

The Contracts are for the Construction and Completion of Piled Embankment Slab, RC Wall and Ancillary Works and any other items which are incidental to or necessary for the completion of the works.  The Contracts are to be completed within 20 months from a commencement date which will be determined later.

4.0     CONTRACT SUM

The Contract Sum for Package N3 Sub-Package S8A - Tokai (Ch 67800 to Ch 71800) is estimated to be RM13,849,912.13, while the Contract Sum for Package N3 Sub-Package S8A - Tokai  (Ch 673200 to Ch 78875) is estimated to be RM7,847,732.13.
The Contract Sums for both Packages are provisional and shall be subject to re-calculation based on final quantities of approved work done on site.

5.0     CONTRACT AGREEMENT

Bina Kuari  is expected to execute formal Contract Agreements with the Employer in due course.  Until the execution of the said Contract Agreements, the Letters of Acceptance shall constitute valid and binding contracts between Bina Kuari and the Employer in respect of the award of the abovementioned Contracts.

6.0     PERFORMANCE BOND

Before the commencement of works, Bina Kuari is required to furnish to the Employer performance bonds of 5% each of the Contract Sum of the two (2) Contracts.

7.0     SOURCE OF FUNDS

Bina Kuari shall fund the working capital for the Contracts through internally generated fund and/or bank borrowings.

8.0     FINANCIAL EFFECTS

The Contracts are expected to contribute positively to the earnings of the Company and Group for the financial year ending 31^st December 2008 and future earnings until the year 2010.
9.0          DIRECTORS AND MAJOR SHAREHOLDERS’ INTEREST
None of the Directors and/or major shareholders of BDB or Bina Kuari or persons connected to them have any interest, direct or indirect in the Contracts.
10.0      APPROVALS REQUIRED
The Acceptance of the Contracts by Bina Kuari  is not subject to the approval of the shareholders of Bina Kuari or any government authorities.
11.0      STATEMENT BY BOARD OF DIRECTORS
The Directors of Bina Kuari  are of the opinion that the acceptance of the Letters of Acceptance is in the best interest of the Company and Group.