CEO Morning Brief

Cosmos Technology Bags RM4m Job From Air Selangor

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Publish date: Wed, 03 May 2023, 08:50 AM
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TheEdge CEO Morning Brief
Cosmos Technology bags RM4m job from Air Selangor

KUALA LUMPUR (May 2): Integrated water technology solutions provider Cosmos Technology International Bhd has bagged a RM4.23 million contract from Pengurusan Air Selangor Sdn Bhd for the supply, deliver, commissioning and integration of the electromagnetic meters complete with data loggers for the country’s largest water operator.

In a bourse filing on Tuesday (May 2), ACE Market-listed Cosmos Technology said its wholly-owned subsidiary Cosmos Instruments Sdn Bhd has accepted the award of a framework agreement by Air Selangor on April 14.

The contract period is 24 months commencing from April 19, 2023 and shall expire on April 18, 2025 (Year 1 and Year 2), with an option to extend the contract period for a further term of 12 months (Year 3), subject to terms in the framework agreement.

Cosmos Technology said that the total estimated contract sum for the framework agreement is RM3.6 million for Year 1 and Year 2, and RM630,000 for Year 3.

“The framework agreement is expected to contribute positively towards the future earnings and net assets per share of Cosmos and its subsidiaries for the financial year ending April 30, 2024 (FY2024), and the financial years thereafter for the duration of the framework agreement, and will not have any effect on the share capital and substantial shareholders’ shareholdings of the company,” it said.

The group noted that there are no foreseeable significant risks other than the operational risk associated with the framework agreement during the contract period.

Cosmos Technology shares closed unchanged at 47 sen on Tuesday, valuing the company at RM120.56

Source: TheEdge - 3 May 2023

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