OTHERS OMESTI BERHAD LETTER OF AWARD FROM JABATAN PENGANGKUTAN JALAN MALAYSIA

OMESTI BERHAD

Type Announcement
Subject OTHERS
Description
OMESTI BERHAD 
LETTER OF AWARD FROM JABATAN PENGANGKUTAN JALAN MALAYSIA

The Board of Directors of Omesti Berhad (“Omesti" or "the Company”) wishes to announce that Formis Network Services Sdn Bhd (“FNS”), an indirect 51% owned subsidiary of the Company, has on 14 September 2020 received a Letter of Award ("LOA") from Jabatan Pengangkutan Jalan Malaysia ("JPJM") for the, “Perkhidmatan Penyelenggaraan Perkakasan Perisian Dan Sokongan Teknikal Sistem Keselamatan Kesedaran Automatik (Automated Awareness Security System - AwAS)” project for a duration of 18 months, commencing  on 14 September 2020 to 13 March 2022 at a total contract value of RM14,440,949.47 (including 6% Sales and Service Tax) (hereinafter referred to as “the JPJM Contract”).

 

The JPJM Contract is subject to the acceptance of the LOA by FNS and a formal agreement to be entered into between JPJM and FNS.

 

The LOA will have no effect on the issued share capital and substantial shareholders’ shareholdings of the Company. The LOA is expected to contribute positively to the revenue, earnings per share and net assets per share of Omesti Group and is not expected to have a material effect on the gearing of Omesti Group for the financial year ending 31 March 2021 onwards until the expiry of the JPJM Contract.

 

The Company does not foresee any exceptional risk other than operational risk associated with the LOA during the contract period.

 

None of the Directors and/or the major shareholders of the Company and/or persons connected with the Directors and/or major shareholders have any interest, direct or indirect in the LOA.

 

The Board of Directors of the Company is of the opinion that the acceptance of the LOA is in the best interest of Omesti Group.

 

This announcement is dated 15 September 2020.






Announcement Info

Company Name OMESTI BERHAD
Stock Name OMESTI
Date Announced 15 Sep 2020
Category General Announcement for PLC
Reference Number GA1-14092020-00065