Bursa
Announcements

INTRODUCTION

 The Board of Directors of Ekovest Berhad (“Ekovest” or “the Company”) is pleased to announce that Ekovest Construction Sdn Bhd, a wholly owned subsidiary of the Company has on 20 July 2012 accepted two (2) contracts for the:

1. THE PROPOSED FOURTH LANE WIDENING BETWEEN BUKIT LANJAN KM 22.0 AND JALAN DUTA TOLL PLAZA (KM 29), PACKAGE B

2. THE PROPOSED FOURTH LANE WIDENING BETWEEN NILAI (U) INTERCHANGE (KM 285.6) AND NILAI (KM 280.4), PACKAGE D

from UEMB-MRCB JV Sdn Bhd (formerly known as Intria Urus Sdn Bhd) (“the Master Contractor”) vide Letters of Acceptance dated 6 July 2012. 

The contract sum for Package B is approximately RM137.81 million which include provisional sum of RM10.13 million and prime cost sum of RM77.45 million. For Package D the contract sum is approximately RM115.50 million which include provisional sum of RM3.35 million and prime cost sum of RM65.89 million.

SCOPE OF WORKS

The scope of works under the contracts include demolition and clearing, earthworks for widening of formation in re-cutting of existing cut slopes and widening existing embankment, retaining walls, ground improvement, extension of drainage culverts, construction of new surface drains, widening of bridges, extension of vehicular box culverts, relocation of existing utilities, pavement and shoulder construction, overlay of existing pavement, guardrail and fencing, traffic signs and road marking; and traffic management during construction (“the works”).

The duration of the works is twenty four (24) months.

FINANCIAL EFFECTS

The contracts are expected to contribute positively to the Group’s earnings and net assets for the  financial years ending 2013 to 2014.

DIRECTORS AND/OR MAJOR SHAREHOLDERS’ INTERESTS

None of the directors, major shareholders and persons connected with a director or major shareholder has any interest, direct and indirect in the aforesaid contracts.

APPROVALS REQUIRED

The award of the contracts is not subject to the approval of shareholders of the Company or any governmental or statutory authorities.

STATEMENT BY DIRECTORS

The Board of Directors after considering all relevant factors, is of the opinion that the acceptance of the award of contracts is in the best interest of the Company.