General announcement
OTHERS
Memorandum of Agreement to undertake road upgrading works in the State of Kedah Darul Aman
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Protasco Berhad wishes to announce that, its wholly owned subsidiary, HCM Engineering Sdn Bhd (“HCM”) has entered into a Memorandum of Agreement with K.I. Engineering Sdn Bhd (“Agreement”) to regulate the relationship with each other and to set out their respective rights, duties and obligation in order to execute a contract to upgrade federal road from Section 23.10 until Section 35.70 in Kulim, Kedah Darul Aman for a contract value of RM299.2 million (“the Project”).
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Under the Agreement, HCM shall share 70% of the profit from the Project and shall act as the implementer to undertake the overall construction and financing of the Project until its completion by 27 January 2026.
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The Project is expected to contribute positively to the Group’s future earnings.
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None of the Directors or substantial shareholders of the Company or any person connected to them has any interest, direct or indirect, in the Project.
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GA1-15082022-00044