The Board of Silver Ridge Holdings Berhad (“SRHB” or “The Company”) is pleased to announce that its wholly-owned subsidiary, Silver Ridge Sdn Bhd, had accepted the Letter of Award (Ref No. (2) LPM/2021/T/01/A1M/NID on 20 May 2021 from Telekom Malaysia Berhad (“TM”) for a contract no. K1130247/21 for the supply, delivery, testing, commissioning, maintenance and support services of Metro Ethernet Forum Carrier Ethernet 2.0 Complaint Network Interface Device (NID) with its associated accessories and Element Management System (EMS) ("the Contract") for a total contract sum of RM20,643,356.00.

This is the ordinary course of business of Silver Ridge Sdn Bhd.

The tenure of the Contract is for a period of 36 months commencing from 4 May 2021 to 3 May 2024.

The contract will not have any material effect on the issued and paid-up capital, substantial shareholders' shareholding, net asset per share and gearing of the Company and its subsidiaries ("SRHB Group"). 

Bearing any unforeseen circumstances, the Board is of the opinion that the Contract will contribute positively to the earnings per share and the future earnings of SRHB Group.

SRHB does not envisage any risk factor arising from the Contract besides business risk. However, the Company will continuously be taking appropriate measures to manage and mitigate the risk.

None of the Directors, its substantial shareholders or person connected with the Directors and substantial shareholders of the Company have any interest in the Contract. 

The Board, after considering all aspects of the Contract, are of the opinion that the Contract is in the best interest of SRHB Group. 

This announcement is dated 4 October 2021.