General Announcement for PLC

26/09/2017

OTHERS LETTER OF AWARD

XIN HWA HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description 
LETTER OF AWARD

Introduction

The Board of Directors of Xin Hwa Holdings Berhad (“XHH” or “Company”) is pleased to announce that the Company’s wholly-owned subsidiary, Xin Hwa Trading & Transport Sdn. Bhd. (“XHTT”) had on 26 September 2017 accepted a letter of award from BD Cranetech Pte. Ltd. for the transportation of precast element for the construction of rail and bus depot and reception tunnels in Singapore (“Contract”).

 

Duration of the Contract

The duration of the Contract is for a period of four (4) years from November 2017 to October 2021.

 

Value of the Contract

The value of the Contract is dependent on the total tonnage of precast element to be delivered over the period of the Contract and the unit rate of delivery which varies based on the types of trailer to be used for transportation. The estimated total contract price is approximately SGD6.9 million or RM21.5 million (translated at the SGD:RM exchange rate of 1:3.116).

 

Financial Effect of the Contract

The Contract will have no effect on the issued and paid-up capital and gearing of the Company but is expected to contribute positively towards the Group's earnings and net assets per share for the financial year ending 31 March 2018.

 

Risk Factors

Risk factors affecting the Contract include execution risks such as availability of drivers and skilled manpower, changes in political, economic and regulatory conditions as well as foreign currency exchange rate fluctuation. Nevertheless, the Company shall use its best endeavour to ensure that the Contract is completed in accordance with the terms and conditions of the Contract.

 

Directors’ and Substantial Shareholders’ Interest

None of the Directors or substantial shareholders of XHH or person connected with them have any interest, whether direct or indirect, in the Contract.

 

Directors’ Statement

The Board of Directors of XHH is of the opinion that the acceptance of the Contract is in the best interest of XHH.

 

A copy of the press release in relation to the acceptance of award of Contract is attached.

 

This announcement is dated 26 September 2017.


Please refer attachment below.


Announcement Info

Company Name XIN HWA HOLDINGS BERHAD
Stock Name XINHWA
Date Announced 26 Sep 2017
Category General Announcement for PLC
Reference Number GA1-26092017-00053


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