Nestcon via its wholly owned subsidiary has accepted the letter of award dated 10 January 2024 awarded by Exsim Avenue Sdn. Bhd. for undertaking the construction and completion of earthworks, piling works, main building works and infrastructure works for a 37-storey mixed commercial development comprising of retail shops, strata office, service apartments (126 units), carparks and other relevant facilities.
The contract sum is said to be for contract works worth RM108 million with the date of commencement to be 15 January 2024. The overall completion for the contract works is within 39 months and the completion date shall be 14 April 2027 or within such extended date of the conditions of contract provides.
Nestcon said it any does not foresee any exceptional risk other than the normal operational risks associated with the LOA and/or the contract works. Nevertheless, the company said it will take the necessary steps to mitigate the risks as and when they occur. The acceptance of the LOA is not subject to the approval from the Company’s shareholders and/or any regulatory authorities.
The board said after having considered all aspects of the LOA and the contract works, is of the opinion that the LOA and the contract works are within the ordinary course of business of Nestcon and the acceptance of the LOA is in the best interest of the company.
