ELECTRIFIED DOUBLE TRACK PROJECT BETWEEN RAWANG AND IPOH (“RAWANG – IPOH PROJECT”)
The Board of Directors of DRB-HICOM Berhad (“DRB-HICOM” or “the Company”) wishes to announce that, pursuant to Letter of Understanding executed between the Government and the Company on 26 May 2005 agreeing to a mutual termination of the contract for the Rawang - Ipoh Project on terms and conditions to be agreed, the Company had on 1 June 2005 surrendered the remainder of the work to the Government which in turn handed over the same to UEM Construction Sdn Bhd (“UEM Construction”), the party appointed by the Government to take over and complete the Rawang-Ipoh Project.
The terms for the mutual termination of the contract for the Rawang - Ipoh Project of which DRB-HICOM has completed up to approximately 88% of the work under the contract plus works undertaken under variation orders, are being worked out by the Government and the Company.
c.c. Issues and Investment Division
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