Company Name
:
JAKS RESOURCES BERHAD
Stock Name
:
JAKS  
Date Announced
:
18/01/2013


Type
:
Announcement
Subject
:
OTHERS

Description
:
JAKS RESOURCES BERHAD ("JRB" OR "THE COMPANY")
REVISIONS TO CONTRACT VALUE

Announcement Details/Table Section :




Further to the Company's announcement on 9 November 2012, the Board of Directors of JRB wishes to inform that its wholly owned subsidiary, JAKS Sdn Bhd has received from KH Chew Architect (on behalf of MNH Global Assets Management Sdn Bhd) for the project at Ara Damansara, the revisions to the contract value of the following construction contracts. All other terms remains the same.

Contract

Original Contract Value

Revised Contract Value

Variance

Proposed construction and completion of Main Building Works for Block J (Phase 3) at Ara Damansara

RM42,393,000.00

RM40,423,000.00

(RM1,970,000.00)

Proposed construction and completion of Phase 2B comprising the Main Building Works for Retail Mall and Service Apartment Blocks G&H at Ara Damansara

RM287,607,000.00

RM199,291,500.00

(RM88,315,500.00)

The downward revision to the contract value was due to the optimization of the design of the building work by the consultants for the Ara Damansara Project for cost savings.

The abovementioned contracts are expected to contribute positively to JRB Group's future earnings.

 None of the Directors or Major Shareholders of JAKS and persons connected with them has any interest, direct or indirect, in the Contract save that MNH Global Assets Management Sdn Bhd is wholly owned by Island Circle Development (M) Sdn Bhd (ICDSB), a major shareholder of JAKS Island Circle Sdn Bhd, which is 51%-owned by JAKS Sdn Bhd and 49%-owned by ICDSB.


This announcement is dated 18 January 2013.


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