Announcement Details :
1) Introduction
Naim Holdings Berhad ("NHB” or “the Company”) is pleased to announce that its wholly-owned subsidiary, Naim Engineering Sdn. Bhd. (“NESB”) has entered into a Memorandum of Understanding ("MOU") on 11 January 2011 with the following parties:-
a) Sabah Oil & Gas Contractor Association (“SOGCA”)
b) Dewan Perniagaan Melayu Malaysia Negeri Sabah (“DPMMS”)
(hereinafter referred to collectively as “the Parties”)
for the purpose of recording certain basic understanding reached between the Parties to participate in the relevant works involving oil and gas facilities under the contract secured recently for the Engineering, Procurement, Construction and Commissioning of Sabah Oil and Gas project (“the said Project”) subject to the following conditions:-
a) the financial and technical capabilities and possession of the requisite licence to participate in the relevant works under the said Project; and
b) changes in the course of the implementation of the MOU and the parties have agreed to further discuss all matters contained in this MOU mutually among the Parties; and
c) that the contractor and client have no objection to the area of works identified by the Parties
2) Duration of the MOU
The MOU shall take effect from the date of the signing of the MOU and shall terminate upon the occurrence of any of the following events, whichever occurs first:-
a) upon execution of the detailed agreements; or
b) by mutual written agreement by the Parties concerned at an agreed time; or
c) award of the identified works to the members of SOGCA and DPMMS.
3) Financial Effects of the MOU
The execution of the MOU will not have any material effect on the earnings or net assets of the Company for the year ending 31 December 2011.
4) Directors’ and Major Shareholders’ interest
None of the Directors, major shareholders and/or persons connected with them has any interest, whether direct or indirect, in the said MOU.
Dated this 12th January 2011.
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