New high for Dagang NeXchange Bhd
KUALA LUMPUR: Serba Dinamik Holdings Bhd
is taking a stake in a Konsortium AmanieJV Sdn Bhd which was awarded a RM1.306bil contract for the Kuala Terengganu Utara water supply scheme.
Serba Dinamik, which is an engineering solutions provider, said on Tuesday, said its unit was buying a 40% stake in Konsortium Amanie for RM34mil cash from FCA Capital Sdn Bhd and Mirmas Holdings Sdn Bhd.
Recall that on April 28 , 2016, Konsortium Amanie was awarded a contract from the Terengganu for the design and build of 120 million litres per day (MLD) and 28 MLD membrane water treatment plant. The contract included intakes, service tank, installation of raw water and clean water pipes, retrofitting and other works for the project.
On Feb 13, 2017, Konsortium Armanee novated the terms and conditions of all rights and/or benefits of the engineering, procurement, construction and commissioning (EPCC) contract in relation to the project to Serba Dinamik.
FCA Capital, Mirmas and Serba Dinamik are to ensure that Serba Dinamik is awarded with the EPCC works under the project amounting to RM289.72mil under the novation agreement;
Serba Dinamik has to provide working capital/standby line of up to RM30mil for preliminary cost, mobilisation and other relevant costs.
“The working capital shall be fully settled within one year from the issuance of the senior financing of the project,” it said.
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