NOVA MSC BERHAD
08 Dec 2020
Novacitynets Pte Ltd, a wholly owned subsidiary of Nova MSC Berhad, awarded contract from Singapore's Building and Construction Authority
The Board of Directors of Nova MSC Berhad (“Company”) is pleased to announce that the Company’s wholly-owned subsidiary novaCITYNETS Pte Ltd (“NCN”) has been notified by Building and Construction Authority in Singapore (“BCA”) on 7th December 2020 that NCN has been awarded a pilot trial contract amounting to approximately RM5.0 million (approximately S$1.64 million) from 1 Jan 2021 to 31 December 2021 (“Pilot Trial Contract”) for an outcome-based procurement for the supply, delivery, installation, testing and commissioning of fully operational model checker of Corenet X with an option for maintenance (“Model Checker Project”).
After the expiry of the Pilot Trial Contract, BCA will decide whether to issue any final award (“Final Phase”) for the Model Checker Project. NCN had submitted a tender sum of approximately RM119.93 million (approximately S$39.32 million) for the Final Phase of the Model Checker Project to be implemented and maintained over the next 81 months. NCN would like to highlight that the award of the Pilot Trial Contract does not constitute a final award to NCN to supply the Model Checker Project and BCA is also not obliged to issue any final award to NCN for the Model Checker Project after the expiry of the Pilot Trial Contract.
NCN does not expect any material risk arising from the Pilot Trial Contract other than the normal operational and execution risk associated with the contract.
The Pilot Trial Contract will not have any effect on the share capital and shareholding structure of Nova MSC Bhd. The Pilot Trial Contract is not expected to contribute materially to the result of the Group for the financial year ending 31 March 2021.
None of the directors and/or substantial shareholders of Nova MSC Berhad or persons connected to the said directors and/or substantial shareholders have any interest, direct or indirect in the new contract awarded.
This announcement is dated 8th December 2020.