P.A. RESOURCES BHD
KLSE (MYR): PA (7225)
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Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
NotComingForYou
5 posts
Posted by NotComingForYou > 2024-01-18 22:35 | Report Abuse
Reference is made to the announcements dated 24 January 2018, 27 February 2018, 25 May 2021, 24 March 2022 and 25 March 2022 in relation to Extension of Supply Agreement entered into between P.A. Extrusion (M) Sdn. Bhd., a wholly-owned subsidiary of PARB with First Solar, Inc., First Solar Malaysia Sdn. Bhd. and First Solar Vietnam Manufacturing Co. Ltd.
The Board of Directors (“Board”) of PARB wishes to announce that the Company has on 17 January 2024 received Fourth Renewal of the Master Supply Agreement (“Agreement”) which signed and accepted by all parties to the terms and conditions as stipulated in the Agreement.
The salient terms are as follows: -
1.This agreement superseded agreement signed on 10 March 2022 for contract period from 2 January 2024 to 1 July 2024;
2. This contract renewal is for period from 2 January 2024 to 1 July 2025 valued at up to USD231.9 million (equivalent up to RM1.076 billion); and
3. This contract may be renewed by First Solar for subsequent one (1) year period upon notice to P.A. Extrusion (M) Sdn. Bhd., not later than thirty (30) days prior to the expiration of the current term.
Duration and Value of this Agreement
The total contract value for this Agreement up to USD231.9 million (equivalent up to RM1.076 billion) approximately for contract period from 2 January 2024 to 1 July 2025. The exchange rate applied to this contract value is USD1.00 = RM4.64.
Financial effects
This Agreement will not have any impact on the existing share capital and shareholding structure of PARB.
This Agreement is expected to contribute positive to the earnings and net assets of the PARB Group.
Risks
The risk factors affecting this Agreement includes changes in economic, regulatory and operational environment such as completion and delivery risk, fluctuation of material prices and foreign currencies which the Group would take appropriate measures to mitigate the risks.
Directors’ and Major Shareholders’ Interest
None of the Directors and / or major shareholders and persons connected to the Directors and / or major shareholders of PARB have any interest, direct or indirect, in this Agreement.
Directors’ Statement
The Board, after considering all the relevant factors, is of the opinion that this Agreement is in the best interest of PARB Group.
This announcement is dated 18 January 2024.