Pestech JV Agree To Annul The RM109 Million Contract For Entinggan

Pestech informs that its wholly-owned subsidiary, through a joint venture with Sky High Construction Sdn. Bhd. that received a notification of award from Syarikat SESCO Berhad for the Entinggan – B 275/(33)kV Substation project at a total contract amount of RM109.9 million back in December 2023 have now decided to annul the NOA.

The group in a Bursa filing has announced that, after taking into consideration of the economic factors of the project, both the JV parties had concluded to opt for annulment of the NOA for Entinggan project amicably.  

The allocation of the contract value to PSB and Sky High under the JV is 60% (PSB) and 40% (Sky High), in respect on the acceptance of the annulment both pave agreed that there will be no claims against each other arising from the annulment of the Project.

The Pestech board also announced that the Annulment of Entinggan Project does not pose significant impact to the Group for the financial year ending 30 September 2024 since the Project has not commenced.

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