INTRODUCTION

The Board of Directors of Mitrajaya Holdings Berhad (“MHB” or the “Company”) is pleased to announce that its wholly owned subsidiary, Pembinaan Mitrajaya Sdn Bhd has on 27 October 2023 accepted and executed the Letter of Acceptance on the contract awarded by the GDP X Properties Sdn Bhd (“GDP”) dated 26 October 2023 for the construction and completion of one (1) block development of 31 Storeys comprising 188 units of apartments at Mukim Batu, Kuala Lumpur for a contract sum of RM84,500,000.00 (the “Contract”). 

DETAILS OF THE CONTRACT

The Contract is for a duration of 24 months from the date for possession of site on 8 December 2023 and is expected to complete by 8 December 2025.

FINANCIAL EFFECTS

The Contract is expected to contribute positively to the earnings and net assets of MHB Group for the financial years ending 31 December 2024 to 2025. The Contract will not have effect on the share capital and shareholding structure of MHB.

RISK FACTORS

The risks associated with the Contract are normal operational risks, which can be mitigated through MHB Group's system of project management controls.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTERESTS

None of the Directors and/or major shareholders or persons connected to them have any interest, directly or indirectly interest in the Contract.

DIRECTORS' STATEMENT

The Board of Directors of MHB is of the opinion that the acceptance of the Contract is in the best interest of MHB Group.

This announcement is dated 30 October 2023.