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JAKS Resources JV with IJM for RM268.53m raw water project

KUALA LUMPUR: JAKS Resources Bhd, via its wholly-owned subsidiary JAKS Sdn Bhd, entered into a joint venture (JV) agreement with IJM Corporation Bhd, also via its wholly-owned subsidiary IJM Construction Sdn Bhd (IJMC), for a construction contract for the Pahang-Selangor Raw Water Transfer Project amounting to RM268.53 million, the group announced on Thursday, Dec 2.

The contract was awarded by the Ministry of Energy, Green Technology and Water. The completion date of the project is May 30, 2014.

The JV is a 60:40 agreement between IJMC and JAKS Sdn Bhd that involves the construction of 3-metre nominal diameter mild steel pipes with total length approximately 24km, which includes eight pipes river crossing, and two access roads of about 1.9km and 1.5km that includes an 80-metre long bridge.

The project is not expected to have impact on the earnings, net assets and gearing of the group for the financial year ended Oct 31, 2011, but is expected to do so in the future.
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