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OTHERS AGREEMENT FOR SUPPLY, DELIVERY, INSTALLATION AND COMMISSIONING RELATING TO HARDWARE, SOFTWARE AND SERVICES FOR IT AND ENGINEERING NETWORK MODERNIZATION PROJECT [CONTRACT NO. 20/MB/0100/P55/PL] AMOUNTING TO RM22 Million INCLUSIVE OF SALES AND SERVICE TAX.

MESINIAGA BERHAD

Type Announcement
Subject OTHERS
Description
AGREEMENT FOR SUPPLY, DELIVERY, INSTALLATION AND COMMISSIONING RELATING TO HARDWARE, SOFTWARE AND SERVICES FOR IT AND ENGINEERING NETWORK MODERNIZATION PROJECT [CONTRACT NO. 20/MB/0100/P55/PL] AMOUNTING TO RM22 Million INCLUSIVE OF SALES AND SERVICE TAX.

1. Introduction

Mesiniaga Berhad (“the Company”) is pleased to announce that the Company has signed an Agreement for the SUPPLY, DELIVERY, INSTALLATION AND COMMISSIONING RELATING TO HARDWARE, SOFTWARE AND SERVICES FOR IT AND ENGINEERING NETWORK MODERNIZATION PROJECT with Maxis Broadband Sdn. Bhd., Registration no. 199201002549 (234053-D) (the “Contract”).
 

2. The Contract Value
The total cumulative Contract value of RM22 Million (Ringgit Malaysia: Twenty-two Million) only, inclusive of Sales and Service Tax, over the entire duration of the Contract.

 

3. Duration of the Contract
The duration of the Contract is from 19th November 2020 to 31st December 2025.  The duration of the Contract may be extended by way of mutual agreement between Maxis Broadband Sdn. Bhd. and the Company.

 

 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 the agreed milestones for delivery of the relevant deliverables in accordance with the Contract terms and meeting 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 major shareholders or any person connected to the Directors or major 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 and gearing. The Contract however is not likely to have an effect on the dividend policy, share capital and the substantial shareholders’ shareholdings of the Company for the financial year ending 31st December 2020.

 

This announcement is dated on 23 November 2020. 






Announcement Info

Company Name MESINIAGA BERHAD
Stock Name MSNIAGA
Date Announced 23 Nov 2020
Category General Announcement for PLC
Reference Number GA1-23112020-00064


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