We are pleased to announce that Crest Builder Sdn Bhd, a wholly owned subsidiary of Crest Builder Holdings Berhad ("Crest Builder" or the "Company") has been awarded a contract by Techvance Properties Management Sdn Bhd for Construction and Completion of a 26-storey hotel at Lot 1153, Seksyen 57, Lorong P. Ramlee, Bandar Kuala Lumpur, Daerah Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur for a contract sum of RM99.60 million (the "Contract").
2.0 Duration of The Contract
The contract period set out in the letter of acceptance is twenty seven (27) months from 18 February 2019.
3.0 Share Capital and Substantial Shareholder's Shareholdings
The Contract will not have any effect on the issued and paid-up share capital of Crest Builder and on the substantial shareholder's shareholdings of Crest Builder.
4.0 Earnings and Net Tangible Assets ("NTA")
The Contract is expected to contribute positively to the earnings of the Group for the financial years ending 31 December 2019 and onwards.
5.0 Director's and Substantial Shareholder's Interest
As far as the Directors of the Company are aware, none of the Directors and/or substantial shareholders of Crest Builder and/or any persons connected to the Directors and substantial shareholders of Crest Builder have any interest, direct or indirect in the Contract.
6.0 Statement by The Directors
The Directors of the Company are of the opinion that the acceptance of the Contract is in the best interest of the Company.
This announcement is dated 31 January 2019.