The Board of Directors of SRIDGE is pleased to announce that Silver Ridge Sdn. Bhd., a wholly-owned subsidiary of the Company had on 24 January 2014 received and accepted the Letter of Award dated 13 December 2013 issued by Telekom Malaysia Berhad ("TM"), for the provision of the consolidated comprehensive maintenance and support services of Huawei Multi Service Access Node (MSAN) Equipment at an aggregate sum of RM10,527,822.48 (RINGGIT MALAYSIA: Ten Million Five Hundred Twenty Seven Thousand Eight Hundred Twenty Two and sen Forty Eight Only) ("the Contract").
The Contact is for a period of five (5) years commencing from 1 January 2014 until 31 December 2018 ("Contract Period") and is not renewable.
The Contract is not expected to have any impact on the net assets per share of the Group as no investment/injection of new assets for Contract is required. Nevertheless, the Contract is expected to contribute positively to SRIDGE's earnings for the financial years during the Contract Period which would subsequently boost the net assets of share of the SRIDGE group.
Save for the failure in delivering the specific scope of work pursuant to the Contract, there are no other risks in relation to the Contract.
None of the Directors and/or major shareholders of SRIDGE and/or persons connected to them have any interest, direct or indirect, in the Contract.
This announcement is dated 27 January 2014.