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OMESTI secures transport dept contract, Tanjung offshore gets ecerdc LoA

 Publish date: Tue, 15 Sep 2020, 5:37 PM

KUALA LUMPUR: Omesti Bhd's indirect subsidiary Formis Network Services Sdn Bhd has secured a contract from the Transport Department to provide hardware maintenance and software technical support services for its automated awareness safety system (AwAS).
 
In a filing with Bursa Malaysia today, it said the project worth RM14.44 million is for a duration of 18 months, commencing on Sept 14, 2020 to March 13, 2022.
 
The company does not foresee any exceptional risk other than operational risk associated with the letter of award (LOA) during the contract period.
 
"The LOA is expected to contribute positively to the revenue, earnings per share and net assets per share of Omesti and is not expected to have a material effect on the gearing up of the group for the financial year ending March 31, 2021 onwards until the expiry of the contract," it said. 
 
Meanwhile, Tanjung Offshore Services Sdn Bhd, a wholly-owned subsidiary of T7 Global has received an LOA from East Coast Economic Region Development Council (ECERDC) for the proposed construction and completion of the Endau-Mersing Fish Processing Park in Endau, worth RM16.93 million.
 
"The duration of the contract is 78 weeks, commencing from the date of possession with the completion for the works by March 8, 2022," it said in a filing with Bursa Malaysia today.
 
It said the risk factors affecting the contract include execution risks such as availability of supplies, equipment, construction and regulatory conditions.
 
"Nevertheless, Tanjung Offshore will undertake all the necessary efforts to mitigate the various risk factors identified.
 
"Throughout the years, Tanjung Offshore has established its track record and expertise to undertake and execute similar projects," it added.
 
 - Bernama

 

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Labels: T7GLOBAL, OMESTI

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