KUALA LUMPUR: Cosmos Technology International Bhd
said its wholly-owned subsidiary Cosmos Instruments Sdn Bhd has accepted a RM4.77mil contract from Pengurusan Air Selangor Sdn Bhd for the outsourcing programme for replacement of mechanical water meters to electromagnetic (EM) meters.
It said in a stock exchange filing the contract, valued at RM4.77mi, runs for 15 months to an expected completion date in October 2027.
The contract adopts a performance-based profit-sharing mechanism whereby the profit sharing shall be based on a gain sharing mechanism for each mechanical water meter replaced with electromagnetic meter.
It is expected to contribute positively towards the future earnings and net assets of the group for the financial year ending April 30, 2027, and throughout the duration of the contract.
