GDB secures RM119mil Sarawak flood warning system sub-contract

PETALING JAYA: GDB Holdings Bhd has secured a RM118.99mil sub-contract from I-Ilham Corp Sdn Bhd for the construction and completion works under the proposed Phase 3 Sarawak flood forecasting and warning programme.

In a filing with Bursa Malaysia, GDB said the commencement date is effective from the date of acceptance of the sub-contract and is scheduled to be completed by Nov 29, 2029.

“Barring any unforeseen circumstances, the sub-contract is expected to contribute positively towards the future earnings of GDB for the duration of the sub-contract and will not have any effect on the share capital and major shareholders’ shareholdings of GDB.

“GDB intends to fund the sub-contract through internally generated funds, and/or bank borrowings.”

The company is of the opinion that the sub-contract is in the best interest of the group.

“The sub-contract being entered into is in the ordinary course of business and is not subject to the approval of shareholders,” said the company.