OTHERS HANDAL RESOURCES BERHAD (HRB or the Company) HEADS OF AGREEMENT WITH PERBADANAN MENTERI BESAR KELANTAN AND TIRAI DIMENSI SDN. BHD.

HANDAL RESOURCES BERHAD

Type Announcement
Subject OTHERS
Description
HANDAL RESOURCES BERHAD (HRB or the Company)

HEADS OF AGREEMENT WITH PERBADANAN MENTERI BESAR KELANTAN AND TIRAI DIMENSI SDN. BHD.

The Company wishes to announce that HANDAL ENGINEERING SDN. BHD. (“HESB”), a 100% wholly owned subsidiary of the Company, has on 14th of December 2015 entered into a Heads of Agreement (HOA) with PERBADANAN MENTERI BESAR KELANTAN (“PMBK”) and TIRAI DIMENSI SDN. BHD. (“TD”).

 

PERBADANAN MENTERI BESAR KELANTAN (“PMBK”) is a government linked company which functions as an investment arm for the Kelantan State Government.

 

TIRAI DIMENSI SDN. BHD. (“TD”) (Company No. 1156250-W) is a special purpose vehicle whose promoters/ founders have a combined experience of more than 20 years in the Oil and Gas industry.

 

(HESB, PMBK and TD shall collectively be referred to as the “Parties”)

 

The rationale for the HOA is to accommodate the intention of the Parties to work together for the purpose of undertaking the development and implementation of a tank farming project in Kelantan (the “Project”), in accordance with the terms of the HOA.

 

The HOA has a validity period of one (1) year which set out the proposed terms of cooperation of the Parties to carry out the Project in accordance to the following indicative scope of work:-

 

  1. HESB shall provide financing and undertake the construction of the Project
  2. PMBK shall undertake and facilitate land acquisitions and other local or state government related matters
  3. TD shall provide expertise and experience for the successful implementation of the Project

  

All final terms and conditions to undertake the Project shall be documented in a definitive agreement(s) to be signed by the Parties during such time as shall be determined by the Parties in writing (the “Definitive Agreement(s)”).

 

The HOA is not expected to immediately have any material effects on the earnings per share, net assets per share, gearing and share capital of HRB for the financial year ending 31st December 2015.

 

None of the Directors or major shareholders of HRB or persons connected to them have any interest, direct or indirect, in the HOA.

 

This announcement is dated 14th December 2015






Announcement Info

Company Name HANDAL RESOURCES BERHAD
Stock Name HANDAL
Date Announced 14 Dec 2015
Category General Announcement for PLC
Reference Number GA1-10122015-00070