General Announcement for PLC

11/09/2020

OTHERS ACCEPTANCE ON THE LETTER OF AWARD FOR THE SUPPLY, INSTALLATION, CONFIGURATION, TESTING, COMMISSIONING AND MIGRATION EXISTING SERVICES OF TNB INDUSTRIAL CONTROL SYSTEM (ICS) IP/MPLS NETWORK (PHASE 2) FOR TENAGA NASIONAL BERHAD

MESINIAGA BERHAD

Type Announcement
Subject OTHERS
Description 
ACCEPTANCE ON THE LETTER OF AWARD FOR THE SUPPLY, INSTALLATION, CONFIGURATION, TESTING, COMMISSIONING AND MIGRATION EXISTING SERVICES OF TNB INDUSTRIAL CONTROL SYSTEM (ICS) IP/MPLS NETWORK (PHASE 2) FOR TENAGA NASIONAL BERHAD

1. Introduction

Mesiniaga Berhad (“the Company”) is pleased to announce that the Company has today accepted a Letter of Award issued by Tenaga Nasional Berhad (TNB) for the Supply, Installation, Configuration, Testing, Commissioning and Migration of Existing Services of TNB Industrial Control System (ICS) IP/MPLS Network (Phase 2) from 10.9.2020 to 9.9.2022 (the “Contract”).

 

2. The Contract Value
The total contract value of the project is RM24,179,999.50 Service Tax inclusive (Ringgit Malaysia: Twenty Four Million One Hundred Seventy Nine Thousand Nine Hundred Ninety Nine and Sen Fifty Only).

 

3. Duration of the Contract
The Contract shall commence on 10 September 2020 and is expected to complete by 9 September 2022.

 

 4. The effect on net assets of the Group
The proposed transaction will have positive effect on the Company’s Net Assets for the financial year ending 31 December 2020. It is also expected to contribute positively to the Company’s earnings over the period of the Contract.

5. The risks in relation to the Contract
The risks relate mainly to meeting deadlines imposed by the customer and meeting the terms of the service level commitments. The Company has however taken the necessary steps to mitigate the risks.

 

6. Directors' and Substantial Shareholders' Interest
None of the Directors or substantial shareholders or any person connected to the Directors or substantial shareholders of Mesiniaga Berhad have any interest, either directly or indirectly in the said Contract.

7. Statement of the Directors
The Board of Directors of the Company is of the opinion that the said Contract is in the ordinary course of business and is in the best interest of the Company. 

 

8. Financial effects
In addition to the Company’s information disclosed, the Management would like to inform that the Contract will have a positive effect on the Earnings Per Share. The Contract however is not likely to have an effect on the dividend policy, gearing, share capital and the substantial shareholders’ shareholdings of the Company for the financial year ending 31st December 2020.

 

This announcement is dated on 11 September 2020.



Announcement Info

Company Name MESINIAGA BERHAD
Stock Name MSNIAGA
Date Announced 11 Sep 2020
Category General Announcement for PLC
Reference Number GA1-11092020-00017


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