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Date : 07 November 2016

OTHERS TALIWORKS CORPORATION BERHAD ("TCB" OR "THE COMPANY") - LETTER OF ACCEPTANCE FROM EAST COAST ECONOMIC REGION DEVELOPMENT COUNCIL (ECERDC) FOR THE PROPOSED CONSTRUCTION AND COMPLETION OF GANCHONG WATER TREATMENT WORKS, MAIN DISTRIBUTION PIPELINE, BOOSTER PUMP STATIONS AND ASSOCIATED WORKS IN PEKAN, PAHANG DARUL MAKMUR FOR THE ECERDC PACKAGE 3A MAIN DISTRIBUTION PIPELINE, MAIN BUILDINGS AND ASSOCIATED WORKS AT TG AGAS ("THE WORKS") JOINT VENTURE AGREEMENT ("JVA")

TALIWORKS CORPORATION BERHAD

Type Announcement
Subject OTHERS
Description
TALIWORKS CORPORATION BERHAD ("TCB" OR "THE COMPANY") - LETTER OF ACCEPTANCE FROM EAST COAST ECONOMIC REGION DEVELOPMENT COUNCIL (ECERDC) FOR THE PROPOSED CONSTRUCTION AND COMPLETION OF GANCHONG WATER TREATMENT WORKS, MAIN DISTRIBUTION PIPELINE, BOOSTER PUMP STATIONS AND ASSOCIATED WORKS IN PEKAN, PAHANG DARUL MAKMUR FOR THE ECERDC PACKAGE 3A MAIN DISTRIBUTION PIPELINE, MAIN BUILDINGS AND ASSOCIATED WORKS AT TG AGAS ("THE WORKS")  JOINT VENTURE AGREEMENT ("JVA")

We refer to the announcement dated 9 September 2016 in relation to the award of project by ECERDC to TCB and Ikatan Gemajaya Sdn. Bhd. (595641-A) (“IGSB”) (collectively referred to as “the Parties”) for the construction of the Works. Unless otherwise stated, the terms used herein stated herein shall have the same meaning as defined in the said announcement.

 

The Company wishes to announce that TCB had on 7 November 2016 entered into the JVA with IGSB. The salient terms of the JVA are summarised as follows:

 

(1)       Obligation of the Parties

 

            The Parties shall commence and perform the Works which include all necessary procurement, construction, installation, testing and commissioning works and providing all labour and materials in such manner and to such standards as required under the Works.

 

(2)       Advance Payment and Recoupment

 

            The Parties agreed that upon the apportionment of the advance payment, they shall procure their respective banker’s guarantee according to the agreed proportion with a combined sum of RM10 million.

 

(3)       Termination by Breach

 

            In the event of any material breach by a defaulting Party, the defaulting Party shall remedy such breach within 30 days after the service on it of any written notice thereof by the other Party.

 

(4)       Indemnity arising from Default

 

            Each Party shall indemnify and keep the other Party fully indemnified from and against any loss, damage or liability suffered and all legal fees, costs and expenses that may be incurred by the other Party resulting from breach of the defaulting Party’s obligations under the JVA.

 

 

This announcement is dated 7 November 2016.






Announcement Info

Company Name TALIWORKS CORPORATION BERHAD
Stock Name TALIWRK
Date Announced 07 Nov 2016
Category General Announcement for PLC
Reference Number GA1-24102016-00036



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