JAKS to take lead in RM333 million Paya Peda dam project

KUALA LUMPUR: JAKS Resources Bhd will take the lead in the joint venture in completing the Paya Peda Dam in Besut, Terengganu for a contract sum of RM333 million.

JAKS said on Thursday, March 18 following an agreement with its partner Pembinaan Sujaman Sdn Bhd, it would be responsible "to lead, finalise, undertake, perform and complete all works in relation to the project for and on behalf of the joint venture".

The contract was awarded by the Ministry of Agriculture and Agro-Based Industry.

JAKS said it would finance the project from its own funds and bank borrowings. It added the financing would not have any material effect on the group for the financial year ending Oct 31, 2010, and the project was expected to contribute positively to the group’s future earnings.