INTRODUCTION
Damansara Realty Berhad (the “Company”) wishes to announce that Petronas Refinery and Petrochemical Corporation Sdn Bhd (“Owner”) has issued a Letter of Award dated 15 August 2016 to its subsidiary company, TMR Urusharta (M) Sdn Bhd (“TMR”) and TMR's partner, L.C Catering Sdn Bhd (“L.C”) (the “Contractor”) which was signed and accepted on 18 August 2016 for Package 20-A5 – The Operation and Maintenance of Rapid Temporary Executive Village (“RTEV”) and Rapid Temporary Management Office (“RTMO”) Facilities and Infrastructure for Refinery and Petrochemical Integrated Development (“RAPID”) at Pengerang, Johor Darul Takzim for a period of thirty-eight (38) months with an estimated Contract Value of RM124,000,000/- (the “Work”).
The Contractor later will form a Joint Venture Company (“JVCo”) to undertake the Work. The equity participation in the JVco and the salient terms have yet to be finalised. Upon finalisation of the salient terms, the Company shall make the necessary announcement.
TMR URUSHARTA (M) SDN BHD
TMR (Company No: 417394-T) a company incorporated in Malaysia under the Companies Act 1965 is a subsidiary company of Damansara Realty Berhad. TMR is principally involves in facility management, project consultant and project management.
L.C CATERING SDN. BHD.
L.C Catering Sdn. Bhd. (Company No:760423-U) is a company incorporated in Malaysia with its registered address at 340 & 339, Jalan Balau Satu, Taman Melodies, 80250 Johor Bahru, Johor (‘L.C”). L.C is a local leader in catering business based in Johor Bahru with more than 25 years’ experience specialising in food catering and event management.
DURATION OF THE WORK
The contract period set out in the Letter of Award dated 15 August 2016 is thirty-eight (38) months commencing on the mobilisation date thereupon the Contractor shall commence the Work.
RISKS
The Work shall be subjected to a probationary period of six (6) months from the commencement of the operational period which is thirty-six (36) months upon expiry of the mobilisation period (Mobilisation period shall begin upon notification in writing by Owner subject to approval of the documents submitted by the Contractor as stipulated in the Letter of Award.), during which, the Owner will assess the progress and performance of the Work undertaken by the Contractor. Owner may, in its absolute discretion, terminate this Letter of Award for the Contractor’s failure to carry out the Work in accordance with the provisions of the Work.
However, with the past experiences and expertise of TMR in facilities management and L.C in food catering, this risk could be mitigated.
Damansara Realty Berhad (the “Company”) wishes to announce that Petronas Refinery and Petrochemical Corporation Sdn Bhd (“Owner”) has issued a Letter of Award dated 15 August 2016 to its subsidiary company, TMR Urusharta (M) Sdn Bhd (“TMR”) and TMR's partner, L.C Catering Sdn Bhd (“L.C”) (the “Contractor”) which was signed and accepted on 18 August 2016 for Package 20-A5 – The Operation and Maintenance of Rapid Temporary Executive Village (“RTEV”) and Rapid Temporary Management Office (“RTMO”) Facilities and Infrastructure for Refinery and Petrochemical Integrated Development (“RAPID”) at Pengerang, Johor Darul Takzim for a period of thirty-eight (38) months with an estimated Contract Value of RM124,000,000/- (the “Work”).
The Contractor later will form a Joint Venture Company (“JVCo”) to undertake the Work. The equity participation in the JVco and the salient terms have yet to be finalised. Upon finalisation of the salient terms, the Company shall make the necessary announcement.
TMR URUSHARTA (M) SDN BHD
TMR (Company No: 417394-T) a company incorporated in Malaysia under the Companies Act 1965 is a subsidiary company of Damansara Realty Berhad. TMR is principally involves in facility management, project consultant and project management.
L.C CATERING SDN. BHD.
L.C Catering Sdn. Bhd. (Company No:760423-U) is a company incorporated in Malaysia with its registered address at 340 & 339, Jalan Balau Satu, Taman Melodies, 80250 Johor Bahru, Johor (‘L.C”). L.C is a local leader in catering business based in Johor Bahru with more than 25 years’ experience specialising in food catering and event management.
DURATION OF THE WORK
The contract period set out in the Letter of Award dated 15 August 2016 is thirty-eight (38) months commencing on the mobilisation date thereupon the Contractor shall commence the Work.
RISKS
The Work shall be subjected to a probationary period of six (6) months from the commencement of the operational period which is thirty-six (36) months upon expiry of the mobilisation period (Mobilisation period shall begin upon notification in writing by Owner subject to approval of the documents submitted by the Contractor as stipulated in the Letter of Award.), during which, the Owner will assess the progress and performance of the Work undertaken by the Contractor. Owner may, in its absolute discretion, terminate this Letter of Award for the Contractor’s failure to carry out the Work in accordance with the provisions of the Work.
However, with the past experiences and expertise of TMR in facilities management and L.C in food catering, this risk could be mitigated.
