|Contents||The Board of Directors of the Company is pleased to announce that Handal Engineering Sdn Bhd (HESB), a wholly owned subsidiary of the Company has on 28 December 2009 received the award from Petronas Lubricants International Sdn Bhd for the engineering, procurement, construction and commissioning of 22 NOS New Storage Tanks (“the Works”) for the Melaka Lube Blending Plant Capacity Improvement Project valued at RM17,499,348.00.|
The Works is for the duration of 14 months commencing in early January 2010. It is therefore, expected to contribute positively to the Company’s earnings for the financial year ending 31 December 2010 and the following year(s) where the contract continues to take effect.
Risk factors affecting the Works include but are not limited to execution risks such as availability of skilled manpower and materials, changes in prices of materials, and changes in political, economic and regulatory conditions. The HRB Group has throughout the years established its track records and expertise to undertake such projects. As such, HRB believes that it is able to mitigate the abovementioned risk factors.
None of the Directors or major shareholders of HRB or persons connected to them have any interest, direct or indirect, in the above award of contract.
This announcement is dated 29 December 2009.