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Categories
| Bina Darulaman bags RM330m job |
| Business & Market 2009 | |||
| Written by Isabelle Francis | |||
| Thursday, 03 September 2009 10:51 | |||
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BDB told Bursa Malaysia yesterday the Works Department had issued an interim letter of acceptance (LOA) dated Aug 24, 2009 to the company’s unit Kedah Sato Sdn Bhd (KSSB) to undertake the project. It said the date of site possession would be on Sept 14, 2009 and the project was expected to be completed on Sept 13, 2012. KSSB is also required to provide a performance bond equivalent to 5% of the contract sum by way of securing bank, financial institution or insurance guarantee or a deduction of 10% on every interim payment up to 5% of the contract sum. The LOA also require KSSB to subscribe to a public liability insurance policy with a minimum liability of RM2 million. In a separate statement, BDB said it had secured a RM60 million term financing-I from Affin Islamic Bank Bhd. It said the loan would be used to redeem all its outstanding murabahah commercial papers totalling RM60 million. This article appeared in The Edge Financial Daily, September 3, 2009.
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