PETALING JAYA: HSS Engineers Bhd (HEB) through its associate SMHB Sdn Bhd, has won a contract worth RM9.52 million from Pengurusan Aset Air Bhd for the provision of engineering consulting services for Phase One of the proposed water supply system upgrade project in Kuantan, Pekan and Rompin districts in Pahang.
The group said the contract is expected to commence on Feb 19 and be completed by July 2027. It added that services conducted by SMHB will include but are not limited to detailed design and construction supervision.
Tthe contract is expected to contribute positively to the revenue, earnings and net assets of HEB Group for financial years ending Dec 31, 2024 to Dec 31, 2027.
“The services will not have any impact on the share capital and/or shareholding structure of HEB ... (and) are expected to be funded via internally generated funds and/or external borrowings,“ said the group in a Bursa Malaysia filing today.
It added that the risk factors affecting the services include, but are not limited to, execution, such as dependency on the schedule of implementation and progress for which SMHB has been appointed to provide the services.
“Nonetheless, HEB Group has throughout the years, established its track record and expertise in undertaking such projects. As such, the board of directors believes that HEB Group is able to mitigate the aforesaid risk factors,“ it said.
Furthermore, it added, the contract, being part of the ordinary course of business of the group, is not subject to the approval of HEB shareholders or any relevant authorities.
In addition, the group stated that none of the directors and/or major shareholders of HEB and persons connected to them has any interest, direct or indirect, in the services contract.
“The board of directors, after considering all the relevant factors, is of the opinion that the acceptance of the services is in the best interest of HEB group,“ HEB said.
Pengurusan Aset Air Bhd is a wholly owned company of Ministry of Finance (Incorporated), Malaysia.
