PTT Synergy Group Berhad formerly known as Grand Hoover Berhad has announced it has accepted the letter of award from Tropicana Development (Johor Bahru) Sdn. Bhd. for the common infrastructure works of Phase 1 for Cadangan Susunatur Industri dan Kemudahan in Johor, amounting to RM53,800,000.
The parties agree that the acceptance of the LOA is in the ordinary course of business of PTT. Further, it is also carried out at arm’s length and based on commercial terms which are not more favourable than those available to the general public.
The LOA will not have any effect on the share capital and substantial shareholders’ shareholding of PTT for the financial year ending 30 June 2023 to 2024. The LOA is not expected to have any material effect on the net assets of PTT and its group of companies for the financial year ending 30 June 2023 to 2024. The LOA is expected to contribute positively to PTT Group’s earnings over the duration of the LOA.