Friday 29 Mar 2024
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KUALA LUMPUR (July 20): Cabnet Holdings Bhd's unit has won a RM12.22 million contract for the provision of extra low voltage works for nine 40-storey blocks of serviced apartments (4,033 units) located in Forest City, Mukim Tanjung Kupang, Johor.

The contract was awarded to its wholly-owned subsidiary Cabnet Systems (M) Sdn Bhd (CSM) by Country Garden Pacificview Sdn Bhd, the group said in a filing with Bursa Malaysia.

Cabnet said the contract is scheduled to be completed by April 3, 2019. However, it said CSM would be subjected to liquidated and ascertained damages of RM10,000 per calendar day if it failed to complete the work by the proposed completion date.

"The contract is expected to contribute positively to the group's earnings and net assets per share from financial years ending Dec 31, 2018, to 2019, i.e. the duration of the contract assuming no material delay in the timing," Cabnet said.

Cabnet also noted that CSM is bound by the Defects Liability Period of 27 months commencing from the Certificate of Practical Completion.

Cabnet shares closed unchanged at 34 sen, with 66,800 shares traded, bringing it a market capitalisation of RM60.78 million.

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