1. Introduction FCB is pleased to announce that its wholly owned subsidiary, Frontken Malaysia Sdn Bhd (“FMSB”)(hereinafter called the “Contractor”), had on 24 September 2013 accepted a Letter of Award (“LOA”) from ATT Tanjung Bin Sdn Bhd (Company No. 755986-P) (“ATT”) to be the Main Contractor for the Engineering, Procurement, Construction and Commissioning Works for ATB Ph-2 Terminal and Jetty Top-side Facilities for the Proposed Development of Hydrocarbon Storage and Distribution Facility at Tanjung Bin, Johor, Malaysia (hereinafter called the “Project”) amounting to United States Dollars : Thirty-four Million Five Hundred Thousand Only (US$34,500,000.00) (equivalent to approximately RM110,607,000 based on the exchange rate of USD1.00 : RM3.2060). (hereinafter called the “Contract Price”). The Project is to be completed within 20 months from the date of the LOA.
2. Information on FMSB and ATT
FMSB was incorporated as a private limited company under the laws of Malaysia on 31 May 1999. Its registered address is at Suite 1603, 16th Floor, Wisma Lim Foo Yong, Jalan Raja Chulan, 50200 Kuala Lumpur.
FMSB is principally involved in the business of providing surface metamorphosis technology using thermal spray coating processes and a series of complementary processes, including mechanical and chemical engineering services.
ATT was incorporated as a private limited company under the laws of Malaysia on 11 December 2006. Its registered address is at Level 7, Menara Milennium, Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights, 50490 Kuala Lumpur, Wilayah Persekutuan. ATT is principally engaged in the development, management and operation of multi-products petroleum facilities.
3. Directors' and major shareholders' interest
None of the directors or major shareholders of FCB, or any persons connected to them, has any direct or indirect interest in the above Project.
4. Effect of the Project
The Project is not expected to have any material impact to FCB Group’s financial performance but is expected to contribute positively to its Group’s earnings for year ending 31 December 2013.
5. Risk Factors
The Project is subject to certain risks such as credit risk, exchange risk and cost control risk as no adjustment shall be made to the agreed Contract Price in respect of any fluctuations in the costs.
The Project does not alter the risk profile of FCB as FCB Group is already operating in these industries and hence would continue to be exposed to risk factors that they currently face whilst operating in the industry.
Although FCB Group with its vast experience may undertake efforts to mitigate the various risks, there is no assurance that any change in the above factors will not have a material adverse effect on the business and operations of FCB and/or FMSB.
This announcement is dated 24 September 2013.
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