Announcement Details/Table Section :
EKOVEST BERHAD (“Ekovest” or “the Company”) is pleased to announce that Ekovest Construction Sdn Bhd (“ECSB”), a wholly owned subsidiary of the Company, had on 23 June 2011, signed a Joint Venture Agreement (“Agreement”) with Pembinaan Hamid Abd. Rahman Sdn Bhd (“PHAR”) to join forces and resources as a joint venture (“JV”) for the purpose of submitting tender for the Project known as PROPOSED DEVELOPMENT OF UNIVERSITI ISLAM ANTARABANGSA MALAYSIA KAMPUS GAMBANG – PUSAT ASASI SAINS FASA 3 : BANGUNAN-BANGUNAN AKADEMIK DAN KOLEJ-KOLEJ KEDIAMAN – PUBLIC PRIVATE PARTNERSHIP (“Project”)
Pursuant to the Agreement, the name of the JV shall be Pembinaan Hamid Abd. Rahman – Ekovest Construction Sdn Bhd JV and the share of participation shall be in the following proportions:
ECSB – 51%
PHAR – 49%
In the event that the contract for the Project is awarded to the JV, the contract shall be jointly undertaken by ECSB and PHAR and if it is not awarded to the JV, the JV Agreement will be automatically be terminated.
The joint venture is not expected to have any material effect on the earnings, net assets per share and gearing of Ekovest for the financial year ending 30 June 2011 and is not subject to the approval from any authorities or shareholders of Ekovest.
None of the Directors and/or major shareholders of Ekovest or any persons connected to them have any interest, direct and/or indirect in the joint venture.
The Board having considered all aspects of the joint venture is of the opinion that the joint venture is in the best interest of Ekovest.
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