General Announcement
Reference No
BD-070731-62437
Company Name
:
BINA DARULAMAN BERHAD
Stock Name
:
BDB
Date Announced
:
31/07/2007
Type
:
Announcement
Subject
:
PROJECT KNOWN AS "CADANGAN MEROBOH SEBAHAGIAN HOTEL SEDIADA (HOTEL SP INN) DAN MEMBINA SEMULA BANGUNAN HOTEL 6 TINGKAT DI BANDAR SUNGAI PETANI, KEDAH DARUL AMAN" ("THE PROJECT")
Contents :
1.0
INTRODUCTION
Bina Darulaman Berhad (BDB) wishes to announce that its wholly owned subsidiary Kedah Sato Sdn Bhd (KSSB) had on 30th March 2007 received an Interim Letter of Award from Kedah Resort Sdn Bhd (KRSB) to undertake the project known as "Cadangan Meroboh Sebahagian Hotel Sediada (Hotel SP Inn) dan Membina Semula Bangunan Hotel 6 Tingkat di Bandar Sungai Petani, Kedah Darul Aman".
2.0
INFORMATION ON THE PROJECT
The Project cost is estimated to be Ringgit Malaysia Ten Million Five Hundred Thousand Only RM10,500,000.00). The actual cost of the Project is still under negotiations and will be confirmed upon the issue of the Letter of Award which is expected to be received soon. Works, however, have commenced with site possession on 1st April 2007.
3.0
INFORMATION ON RELATED PARTIES
PKNK was established as a 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 60.21% of the total issued and paid up capital.
KRSB was incorporated on 9th February 1992 under the name of Tanjung Rhu Sdn Bhd and subsequently changed its name to Kedah Resort Sdn Bhd on 9th December 1993. It is a wholly owned subsidiary of PKNK and has the principle activity of hotel and resort management.
KSSB is a wholly owned subsidiary of BDB with its principal activity as a Class A building and general contractor.
4.0
FINANCIAL EFFECTS OF THE PROJECT
The said Project is expected to contribute positively to the Group's earnings for the financial year ended 2007.
5.0
DIRECTORS AND SUBSTANTIAL SHAREHOLDERS' INTEREST
None of the Directors of BDB or KSSB, major shareholders and persons connected thereto has any interest, direct or indirect in the above transaction except in so far as to their positions as nominee directors of BDB or KSSB and the Chief Executive Officer of PKNK respectively.
En. Rozhan bin A. Rahim and 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 said Project.
Dato' Abdul Rahman bin Ibrahim who sits on the Board of BDB is also the Chief Executive Officer of PKNK.
6.0
STATEMENT BY THE BOARD OF DIRECTORS
The Board of Directors of the Company is of the opinion that the said Project is in the best interest of the Company and Group.
This Announcement is Dated 31st July 2007
©
2007
, Bursa Malaysia Berhad. All Rights Reserved.