Thursday 28 Mar 2024
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This article first appeared in The Edge Financial Daily on July 12, 2018

KUALA LUMPUR: Handal Resources Bhd’s 51%-owned subsidiary Handal Simflexi Sdn Bhd (HSSB) has entered into an initial stage of technology collaboration with Petroliam Nasional Bhd’s (Petronas) research and development (R&D) arm Petronas Research Sdn Bhd to develop subsea technology solutions.

In a filing with Bursa Malaysia yesterday, Handal Resources said Petronas Research had issued the letter of award on the joint development to Handal Simflexi.

“The duration of the contract is for a fixed period commencing June 13, 2018 until Aug 12, 2018. The details of the scope of works in relation to the contract are in accordance with the detailed scope of works and deliverables as provided under the contract, as stated in the letter of award and R&D collaboration agreement term sheet between Petronas and HSSB.

“The contract rates to be charged for the services to be rendered will be in accordance with the payment terms and conditions as detailed in the term sheet that the service is

being provided during the tenure of the contract. The contract is expected to contribute positively towards the company’s earnings and net assets for the duration of the contract,” Handal Resources said. No specific sum was stated in the announcement.

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