BURSA ANNOUNCEMENTS
Date : 15 March 2012
OTHERS TALIWORKS CORPORATION BERHAD (“Taliworks” or “the Company”) - Signing of Joint Venture Agreement between LGB Engineering Sdn. Bhd. (formerly known as L.G.B. Engineering Sdn. Bhd.) (“LGBE”) and the Company (hereinafter be referred to individually as “the Party” and collectively as “the Parties” as the context may require) in relation to a project known as “Projek Menaik Taraf Skim Sungai Selangor Fasa 1 Sebagai Projek Mitigasi Kekurangan Bekalan Air di Selangor, Wilayah Persekutuan Kuala Lumpur dan Putrajaya (Package 2: Construction and Completion of Raw Water Pumping Main and Interconnection at Matang Pagar Reservoir)” (hereinafter referred to as the “Project”).
TALIWORKS CORPORATION BERHAD |
Type | Announcement | ||||||
Subject | OTHERS | ||||||
Description | TALIWORKS CORPORATION BERHAD (“Taliworks” or “the Company”) - Signing of Joint Venture Agreement between LGB Engineering Sdn. Bhd. (formerly known as L.G.B. Engineering Sdn. Bhd.) (“LGBE”) and the Company (hereinafter be referred to individually as “the Party” and collectively as “the Parties” as the context may require) in relation to a project known as “Projek Menaik Taraf Skim Sungai Selangor Fasa 1 Sebagai Projek Mitigasi Kekurangan Bekalan Air di Selangor, Wilayah Persekutuan Kuala Lumpur dan Putrajaya (Package 2: Construction and Completion of Raw Water Pumping Main and Interconnection at Matang Pagar Reservoir)” (hereinafter referred to as the “Project”). | ||||||
1. INTRODUCTION
2. DETAILS OF THE JOINT VENTURE 2.1 Information on LGBE
LGBE is a Class “A” contractor registered with Pusat Perkhidmatan Kontraktor (“PKK”) and graded ‘G7’ by the Construction Industry Development Board (“CIDB”). The principal activities of LGBE are commissioning, maintenance and construction of water treatment plant. The salient terms and conditions of the JVA are as follows:- 2.2.1 The percentage of participation and interest of the Parties as between themselves in and to the assets, liabilities, costs, profits and losses arising out of the execution and completion of the Works and under the joint venture (except as otherwise expressly agreed to the contrary by the Parties) shall be:
2.2.3 The JVA and the joint venture shall be terminated when the Project has been performed and completed and all matters outstanding (including, without limiting to the generality of the foregoing, rectification of defects and resolution of claims or disputes arising therefrom) have been dealt with in accordance with the terms of the JVA and the Project. 3. RATIONALE AND PROSPECTS FOR THE JOINT VENTURE
Although the Company will closely monitor the progress of the Work in order to minimise any delays, there can be no assurance that any change to these risks would not have certain material adverse effect on its business.
7. DIRECTORS’ RECOMMENDATION
8. DIRECTORS AND MAJOR SHAREHOLDERS’ INTEREST Mr. Lim Chin Sean, a director and substantial shareholder of the Company is deemed to be interested in the joint venture by virtue of his indirect shareholdings in LGBE. Dato’ Lim Chee Meng, a substantial shareholder of the Company is deemed to be interested in the joint venture by virtue of his indirect shareholdings in LGBE. Save as disclosed above, none of the other directors or major shareholders of the Company has any interest, direct or indirect in the joint venture. 9. APPROVALS
10. DOCUMENTS FOR INSPECTION
This announcement is dated 15 March 2012. |
Announcement Info
Company Name | TALIWORKS CORPORATION BERHAD |
Stock Name | TALIWRK |
Date Announced | 15 Mar 2012 |
Category | General Announcement |
Reference No | CS-120315-560EA |