PETALING JAYA: Haily Group Bhd
has accepted a letter of award from Meridin East Sdn Bhd for the construction and completion of 168 units of double storey terrace houses in Johor Baru, worth RM38.2mil.
In a filing with Bursa Malaysia, Haily said the project will take up to 15 months from the commencement date.
“The letter of award will not have any effect on the issued share capital and substantial shareholders’ shareholdings of the company as there is no issuance of new ordinary shares in the company.”
Haily said the contract will contribute positively to the group’s earnings and net assets over the duration of the project, assuming no material delay in the timing.
“There are no foreseeable significant risks other than the usual operational risks associated with the letter of award, which are in the ordinary course of business of Haily group.”
“The board having considered the rationale, prospects and all other aspects of the letter of award, is of the opinion that the acceptance of the award is in the best interest of the company.”
