The Board of Directors of Willowglen MSC Berhad (“the Company”) is pleased to announce that on 5 October 2018, the Company’s wholly-owned subsidiary, Willowglen (Malaysia) Sdn Bhd has been awarded a contract valued at RM139,361,118.98 by Syarikat Pembenaan Yeoh Tiong Lay Sdn Bhd for the Design, Construction, Supply, Installation, Completion, Testing, Commissioning and Maintenance of the Communication Systems for the Electrified Double Track From Gemas to Johor Bahru Project.
The commencement date of the contract is on 5 October 2018 and will be completed by 1 April 2021. The contract is expected to contribute positively to the Group’s earnings and net assets per share for the financial years ending 31 December 2018 to 2021.
The contract is not renewable and the risk in respect of the contract is the normal business risks.
None of the directors and / or major shareholders of the Company or persons connected to them has any interest, direct or indirect in the new contract awarded.
This announcement is dated 5 October 2018.