PETALING JAYA: A joint-venture between JAKS Resources Bhd's wholly-owned subsidiary JAKS Sdn Bhd, and IJM Corp's wholly-owned subsidiary IJM Construction Sdn Bhd yesterday signed and accepted the letter of acceptance from the Ministry of Energy, Green Technology and Water for the Pahang-Selangor raw water transfer project and related works worth RM268.53mil.
JAKS and IJM said in separate statements to Bursa Malaysia that the project, to be completed by May 30, 2014, involved the construction of 3-metre nominal diametre mild steel pipes with total length of about 24km (including eight pipes river crossing) and two access roads measuring about 1.9km and 1.5km (including an 80-metre bridge).
IJM Construction has a 60% stake in the joint venture, with the balance held by JAKS Sdn Bhd.
JAKS Sdn Bhd will use its internally generated funds or source external borrowings to finance the operation of the project.
It said the project was not expected to have any material impact on the earnings, net assets and gearing of the group for the financial year ending Oct 31, 2011. - TheStar
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