PROVISION OF FINANCIAL ASSISTANCE IN THE FORM OF CORPORATE GUARANTEE (CG) FROM KUMPULAN PERANGSANG SELANGOR BERHAD (PERANGSANG SELANGOR OR THE COMPANY) OF RM4,447,200.00 TO CENTRAL SPECTRUM (M) SDN BHD (CSSB) IN PROPORTION TO THE 51% SHAREHOLDING HELD BY PERANGSANG SELANGOR IN KPS-HCM SDN BHD (KPS-HCM)
Our announcements made on 17 October 2017, 11 January 2019, 28 February 2019, 30 May 2019, 30 August 2019 and 28 November 2019 in relation to the provision of financial assistance in the form of CG provided by Perangsang Selangor of RM4,447,200.00 to CSSB in favour of KPS-HCM in proportion to the 51% shareholding held by the Company in KPS-HCM in relation to the Contract (as defined in the earlier announcements) awarded by CSSB to KPS-HCM vide CSSB’s letter of award dated 13 June 2017 (“Provision of Financial Assistance”) refer.
2. UPDATE ON THE CONTRACT
Pursuant to Paragraph 9.19(47)(a) of Bursa Malaysia Securities Berhad Main Market Listing Requirements (“MMLR”), the Board of Directors of Perangsang Selangor wishes to update that upon receipt of an application dated 21 January 2020 made by the consultant namely Ganendra, Ahmad & Associates Sdn Bhd, CSSB has granted an extension of time no. 3 (“E.O.T No. 3”) of additional 183 days for the Contract to KPS-HCM, of which KPS-HCM has accepted on 30 January 2020.
Eventhough the works have been practically completed, due to unavailability of electrical and water supply in the development area of Phase 3C, Lot 74079, Pulau Indah Industrial Park, Pulau Indah, Mukim Klang, Daerah Klang, Selangor Darul Ehsan (“Development Area”), theE.O.T No. 3 is required to enable KPS-HCM to carry out the necessary tests as required by Pengurusan Air Selangor Sdn Bhd (AIS), Tenaga Nasional Berhad (TNB) and Indah Water Konsortium Sdn Bhd (IWK) in the Development Area.
As a result, the date of completion for the Contract has been further extended from 1 October 2019 to 31 March 2020 (E.O.T No. 3).
In view of the E.O.T No. 3, the Provisions of Financial Assistance shall therefore be continued until the new date of Certificate of Practical Completion plus 3 months.
This announcement is dated 30 January 2020.
|Company Name||KUMPULAN PERANGSANG SELANGOR BERHAD|
|Date Announced||30 Jan 2020|
|Category||General Announcement for PLC|