Announcement Details/Table Section :
Ekovest Berhad (“Ekovest” or “the Company”) is pleased to announce that it has on 2 November 2011, signed a Joint Venture Agreement (“the 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 Student Hostel for University Malaysia Perlis through Public Private Partnership”.
Pursuant to the Agreement, the name of the JV shall be Pembinaan Hamid Abd. Rahman – Ekovest Berhad JV and the share of participation shall be in the following proportion:
Ekovest – 49%
PHAR – 51%
In the event that the contract for the Project is awarded to the JV, the contract shall be jointly undertaken by Ekovest and PHAR and if it is not awarded to the JV, the JV Agreement will automatically be terminated.
The breakdown of the total capital and investment outlay of the joint venture will be in accordance to the share participation of each party and could only be determined if the tender is successful. Ekovest plans to finance its portion of the investment in the joint venture through internally generated funds and/or borrowings.
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 2012 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.
The JV Agreement will be made available to the shareholders for inspection at the registered office of Ekovest at No. 33-35, Ground Floor, Wisma Ekovest, Jalan Desa Gombak 6, Taman Sri Setapak, Off Jalan Gombak, 53000 Kuala Lumpur during normal working hours from Monday to Friday (except public holidays) for a period of three (3) months from the date of this announcement.
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