BURSA ANNOUNCEMENTS
Date : 02 April 2012
OTHERS TALIWORKS CORPORATION BERHAD (“Taliworks” or “the Company”) - Signing of Fourth Supplemental Concession Agreement between the Government of Malaysia (“the Government”) and Grand Saga Sdn Bhd (“Grand Saga”)
TALIWORKS CORPORATION BERHAD |
Type | Announcement |
Subject | OTHERS |
Description | TALIWORKS CORPORATION BERHAD (“Taliworks” or “the Company”) - Signing of Fourth Supplemental Concession Agreement between the Government of Malaysia (“the Government”) and Grand Saga Sdn Bhd (“Grand Saga”) |
The Board of Directors of Taliworks wishes to announce that Grand Saga, a jointly controlled entity of the Company had entered into a Fourth Supplemental Concession Agreement with the Government recently whereby the Government had agreed to pay Grand Saga a sum of Ringgit Malaysia One Hundred and Twenty Million Five Hundred and Fifty Thousand (RM120,550,000.00) in the manner provided therein, as compensation for the cessation of toll collection and discontinuance of the operation by Grand Saga at Toll Plaza Batu 9 at the Kuala Lumpur bound and Toll Plaza Batu 11 Cheras at the Kajang bound of the Cheras-Kajang Highway. The parties had further agreed to extend the Concession Period (as defined in the Concession Agreement dated 19th September 1995) for a further fifteen (15) years and expiring on 18 September 2045. Whilst the receipt of the compensation will not have any significant impact to the results of the Group as it will be recognised over the remaining period of the concession, the toll restructuring will have a material financial impact on the Group for the financial year ending 31st December 2012 due to the significant reduction in toll collection. This announcement is dated 2 April 2012. |
Announcement Info
Company Name | TALIWORKS CORPORATION BERHAD |
Stock Name | TALIWRK |
Date Announced | 2 Apr 2012 |
Category | General Announcement |
Reference No | CS-120402-5001D |