CYMAO UNIT BAGS CONSTRUCTION SUB-CONTRACT WORTH RM134 MLN
KUALA LUMPUR, Jan 20 -- Cymao Holdings Bhd's wholly-owned subsidiary Billion Apex Sdn Bhd has received a letter of award (LOA) from HYC Properties Sdn Bhd for a sub-contract worth RM134.02 million.
The plywood producer, which is diversifying into construction and project management, said the LOA includes site clearance, hoarding and earthworks on a proposed mixed development project in Batang Padang, Perak.
Cymao said the works will be completed within 24 months after approvals from the relevant authorities for the project have been obtained.
"The scope of works includes carrying out and complete all site clearing, hoarding and earthworks as well as the provision of labour, tools, machineries, equipment and materials," it said in a filing with Bursa Malaysia today.
The company also said it would be seeking its shareholders’ approval for the proposed diversification of the principal activities of the group to include construction, project management and related activities at its extraordinary general meeting on Feb 9, 2021.
Upon obtaining the shareholders’ approval, the company will enter into a definitive contract in relation to the sub-contract works with HPSB.
Barring any unforeseen circumstances, BASB will submit the application for a construction licence to the Construction Industry Development Board in the second quarter of 2021.
In the meantime, BASB will identify and appoint a qualified sub-contractor with the requisite licences to undertake the award.
-- BERNAMA
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