OTHERS SUNWAY CONSTRUCTION GROUP BERHAD ("SUNCON") - DECLARATION OF THE APPOINTED DATE FOR TJ PROJECT - SUPPLEMENTARY AGREEMENT TO THE CONCESSION AGREEMENT WITH NATIONAL HIGHWAY AUTHORITY OF INDIA ("NHAI")
|SUNWAY CONSTRUCTION GROUP BERHAD|
SUNWAY CONSTRUCTION GROUP BERHAD ("SUNCON") - DECLARATION OF THE APPOINTED DATE FOR TJ PROJECT - SUPPLEMENTARY AGREEMENT TO THE CONCESSION AGREEMENT WITH NATIONAL HIGHWAY AUTHORITY OF INDIA ("NHAI")
Unless otherwise stated, all capitalised terms set out herein shall have the same meanings as those set out in SunCon's announcements dated 26 March 2020, 22 July 2020, 23 December 2020 and 21 May 2021 in relation to the TJ Project awarded by NHAI to Sunway RNS TJ Private Limited (“Sunway RNS TJ”), the joint venture company incorporated to undertake the TJ Project. Sunway RNS TJ had entered into a Concession Agreement with NHAI in respect of the TJ Project.
The Board of Directors of SunCon is pleased to update that Sunway RNS TJ was informed by NHAI that the Appointed Date for the TJ Project was declared as 7 December 2021 (“Appointed Date”), subject to signing of a Supplementary Agreement with NHAI (“Supplementary Agreement”).
As per the terms of the Concession Agreement with NHAI, the scheduled date for fulfilment of the conditions precedent was within 150 days from date of signing of the Concession Agreement with NHAI i.e. on or before 21 May 2021. Considering the delay in completion of the conditions precedent, NHAI and Sunway RNS TJ have mutually consented to execute the Supplementary Agreement to give effect to the following salient changes:
1. To declare 7 December 2021 as the Appointed Date and to grant additional time of 180 days from the Appointed Date for fulfilling the pending conditions precedent by NHAI as per the Concession Agreement;
2. To waive off the delay/ damages payable by NHAI under the Concession Agreement; and
3. To extend the deemed termination clause of the Concession Agreement for 3 months from 23 December 2021 to 23 March 2022.
This announcement is dated 24 January 2022.
|Company Name||SUNWAY CONSTRUCTION GROUP BERHAD|
|Date Announced||24 Jan 2022|
|Category||General Announcement for PLC|