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OTHERS HANDAL ENERGY BERHAD - EXTENSION OF CONTRACT

HANDAL ENERGY BERHAD

Type Announcement
Subject OTHERS
Description
HANDAL ENERGY BERHAD  
- EXTENSION OF CONTRACT

1. INTRODUCTION

 

The Board of Directors of Handal Energy Berhad (“Handal” or the “Company”) wishes to announce that Handal Cranes Sdn Bhd (“Handal Cranes”), a wholly-owned subsidiary of Handal, had received a letter of contract extension from SEA Hibiscus Sdn Bhd (“SEA Hibiscus”) dated 26 July 2021 (“Contract Extension”). The Contract Extension is in relation to the provision of offshore crane maintenance services for SEA Hibiscus (“Contract”).

 

 

2. DURATION AND VALUE OF THE CONTRACT EXTENSION

 

The duration for the Contract Extension is for one (1) year and shall commence from 31 October 2021 until 30 October 2022. 

 

The Contract Extension does not have any specified value as it is on a “call-out” basis whereby work orders will be issued at the discretion of SEA Hibiscus based on their activities schedule and rates throughout the duration of the Contract.

 

 

3. FINANCIAL EFFECTS

 

The Contract Extension will not have any effect on the share capital and shareholding structure of the Company. The Contract Extension is expected to contribute positively to the earnings and net assets per share of Handal and its subsidiaries (“Handal Group”) for the financial year ending 30 June 2022.

 

 

4. RISKS IN RELATION TO THE CONTRACT EXTENSION

 

The Contract Extension is not expected to expose Handal Group to any new risk factors as Handal Group is already actively involved in the provision of services for the Contract.

 

 

5. DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTERESTS

 

None of the Directors and/or major shareholders and/or persons connected with the Directors and/or major shareholders of Handal has any direct or indirect interest in the Contract Extension.

 

 

6. APPROVALS REQUIRED

 

The Contract Extension is not subject to the approval of the shareholders of the Company or any regulatory authorities.

 

 

7. STATEMENT BY DIRECTORS

 

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

 

 

This announcement is dated 3 September 2021. 






Announcement Info

Company Name HANDAL ENERGY BERHAD
Stock Name HANDAL
Date Announced 03 Sep 2021
Category General Announcement for PLC
Reference Number GA1-03092021-00013


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