PETALING JAYA: Ageson Bhd’s wholly-owned subsidiary Esa Pile Sdn Bhd today entered into a term sheet to set up a joint venture (JV) company with Navis Marinus Pte Ltd to undertake a S$107.64 million (RM330.2 million) sand supply contract for JTC Corp in Singapore.
According to its stock exchange filing, the contract entails the supply and delivery of sand from the Philippines to Singapore for a period of three years via the JV company.
Under the term sheet, Esa Pile will receive a 51% equity stake in the JV company with Navis holding the remaining 49% equity interest.
Esa Pile will be providing project management services as well as any required assistant and relevant expertise to Navis to ensure smooth implementation of the project.
Meanwhile, Navis is required to obtain the requisite approvals from relevant authorities for the project, ensure a good standard of sand quality and the provision of transportation services for the supply and delivery of the sand to Singapore.
“Upon execution of the definitive agreement (within six months) between the parties, the proposed collaboration is expected to contribute positively to the company’s future earnings, earnings per share and enhance the consolidated net asset of the company,” Ageson said.
source https://www.thesundaily.my/business/ageson-inks-jv-term-sheet-for-rm330m-singapore-sand-supply-project-FK2268601
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