HUBLINE BERHAD (“Hubline” or “the Company”) AWARD OF CONTRACT FROM SURUHANJAYA PILIHAN RAYA (“SPR”) 1. INTRODUCTION Hubline Berhad (“Hubline” or “the Company”) is pleased to announce that its subsidiary, Layang Layang Aerospace Sdn Bhd (“LLA”) has been awarded a contract to provide helicopter and fixed wing rental services for the use at the General Election (“GE”) of the 12th Sarawak State Assembly (DUN) by the Malaysian Election Commission, Suruhanjaya Pilihan Raya (“SPR”) for a total contract sum of Ringgit Malaysia Twenty Five Million Six Hundred Seventy Three Thousand Two Hundred (RM 25,673,200.00) inclusive of 6% SST. In preparation of the next GE, LLA had earlier been invited by SPR to bid for this tender contract and have now been informed of their success. However, due to the uncertainties of when the next GE can take place due to the current pandemic, this contract spans 2 years. 2. SCOPE OF SERVICES OF THE CONTRACT LLA is being contracted to provide helicopter and fixed wing rental services to the Malaysian Election Commission, Suruhanjaya Pilihan Raya (“SPR”) for use at GE of the 12th Sarawak State Assembly (DUN). LLA will be responsible to provide: a. Helicopter and fixed wing aircrafts inclusive of the aviation operations supplies and equipment; b. Aircraft and crew preparation; c. Implementation of flight schedules and operations. LLA will also be required to implement the Professional Training and Education for Growing Entrepreneurs (PROTEGE) program as set by the Government and approved by the PROTEGE Secretariat. 3. DURATION OF THE CONTRACT Due to the current pandemic, there are uncertainties of when the next GE can take place. Hence, this contract spans 2 years from 26 August 2021 to 25 August 2023. 4. FINANCIAL EFFECTS The contract announced herein will have no material effect on the issued share capital of the Company and is expected to contribute positively towards the earnings of Hubline Group for the financial year ending 30 September 2022 and/ or 30 September 2023 whichever period the GE is held. 5. RISK FACTORS The Company does not foresee any exceptional risk other than operational risk associated with the contract. 6. INTEREST OF DIRECTORS, SUBSTANTIAL AND/OR MAJOR SHAREHOLDERS AND/OR PERSONS CONNECTED None of the Directors, substantial and/or major shareholders of Hubline or any persons connected to them have any direct or indirect interest in the contract. 7. APPROVAL REQUIRED The Agreement is not subject to the approvals of shareholders of Hubline or any relevant authorities. 8. DIRECTORS STATEMENT The Board of Directors of the Company is of the opinion that the acceptance of the contract is in the best interest of the Company. This announcement is dated 6 September 2021.
Posted by yongyong88 > Mar 31, 2021 10:23 AM | Report Abuse this is a bleeding company. pn17. could be delisted n u lose every cents... like perisai O&G company... just be careful.. so many good stocks in klse