General Announcement
Reference No
BD-070731-62234
Company Name
:
BINA DARULAMAN BERHAD
Stock Name
:
BDB
Date Announced
:
31/07/2007
Type
:
Announcement
Subject
:
PROJECT KNOWN AS "CADANGAN MENYIAPKAN PUSAT PERANGINAN GUNUNG JERAI, MUKIM YAN, DAERAH KUALA MUDA, 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 11th June 2007 received the Interim Letter of Award from Perbadanan Kemajuan Negeri Kedah (PKNK) for the project known as "Cadangan Menyiapkan Pusat Peranginan Gunung Jerai, Mukim Yan, Daerah Kuala Muda, Kedah Darul Aman".
2.0
INFORMATION ON THE PROJECT
The Project cost is estimated to be Ringgit Malaysia Twelve Million Only (RM12,000,000.00). 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 the site possession made on 1st July 2007.
3.0
INFORMATION ON RELATED PARTIES
PKNK was established as a state statutory corporation on 25th August 1965 under 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.
KSSB is a wholly owned subsidiary of BDB with its principal activity being 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 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.