PTT’ Synergy Group’s wholly-owned subsidiary, Pembinaan Tetap Teguh Sdn. Bhd. had accepted a Letter of Award from Prima Wahyu Sdn. Bhd. in respect of the proposed construction and completion of Jambatan (bridge) Palekbang-Kota Bharu and Connecting Roads at Jajahan Tumpat and Jajahan Kota Bharu, Kelantan Darul Naim for East Coast Economic Region Development Council amounting to RM299 million.
According to the group the works is commence on 25 March 2024 and to be completed by 15 September 2026.
The acceptance of the LOA it said is in the ordinary course of business and 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.
PTT said the LOA will not have any effect on the share capital and substantial shareholders’ shareholding of PTT for the financial years ending 30 June 2024 to 2027. It does not foresee any exceptional risk other than the normal operational risks associated with the LOA. Nevertheless, PTT said it will take the necessary steps to mitigate the risks as and when they occur.
