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- Subcontract works involving apartment units slated for completion on Aug 31, 2027.
KUALA LUMPUR (Oct 21): Exsim Hospitality Bhd, formerly known as Pan Malaysia Holdings Bhd, has accepted a RM17.64 million letter of award (LOA) from Binastra Builders Sdn Bhd for subcontract works involving apartment units.
In a bourse filing on Oct 20, the group said its wholly owned subsidiary, Exsim Concepto Sdn Bhd (ECSB), accepted the LOA, which covers the supply, fabrication, delivery, and installation of carpentry works to be carried out in line with the construction schedule of the main contract awarded to Binastra Builders.
The main construction contract began on April 1, 2024, and is slated for completion on Aug 31, 2027, spanning 41 months. The defects liability period will commence upon completion and continue for 27 months after the issuance of the Certificate of Practical Completion.
Exsim Hospitality stated that the project is expected to contribute positively to its net assets per share, earnings per share, and gearing throughout the duration of the subcontract. The company also noted that no exceptional risks are anticipated beyond normal operational risks, and all necessary measures will be taken to mitigate any arising issues.
The acceptance of the LOA does not require approval from shareholders or regulatory authorities. The company further confirmed that none of its directors, major shareholders, or persons connected to them have any direct or indirect interest in the LOA or the subcontract works.
The board of Exsim Hospitality are of the view that accepting the contract is in the best interest of the company.
The group is principally involved in the hospitality business via its hotel business operations in the Corus Hotel and short-term stay services. It is also involved in interior design and fit-out business.
As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.
