PETALING JAYA: AWC Bhd
has secured two contracts from Gujarat International Finance Tec-City Co Ltd (GIF) in relation to upcoming developments in the Domestic Tariff Area and Special Economic Zone areas in Gujarat International Finance Tec-City, Gandhinagar, Gujarat, India, for a combined sum of RM13.1mil.
In a filing with Bursa Malaysia, AWC said the contract was secured by its indirect wholly-owned subsidiary, Stream Industries Sdn Bhd.
AWC said the contract duration is for a period of 36 months from the notice to commence or such date as specified therein.
“Stream is currently in the process of establishing its business operations and legal entity in India.
“Stream intends to novate the agreements to the newly incorporated indian entity by way of a deed of novation to be executed between GIF, Stream and the newly incorporated Indian entity.”
AWC said the contracts are expected to contribute positively to the future earnings and net assets of AWC Group over the duration of the contracts.
“The contracts are not expected to have any material effect on the gearing of the AWC Group.”
