News

Knusford Berhad (“Knusford” or “the Company”) is pleased to announce that it has on 6 June 2011, signed a Joint Venture Agreement (“the Agreement”) with Pembinaan Hamid Abd. Rahman Sdn Bhd (“PHAR”) to join forces and resources as a joint venture (“JV”) for the purpose of submitting prequalification and/or tender for the Project known as “Projek Mass Rapid Transit Lembah Kelang:  Jajaran Sungai Buloh – Kajang – Construction and Completion of Elevated Civil Works Packages Prasarana/CPD/KVMRT/E/153/244/2011(S1)]”.

Pursuant to the Agreement, the name of the JV shall be Pembinaan Hamid Abd. Rahman Sdn Bhd – Knusford Berhad JV and the share of participation shall be in the following proportion:

Knusford –  40%

PHAR – 60%

In the event that the contract for the Project is awarded to the JV, the contract shall be jointly undertaken by Knusford and PHAR and if it is not awarded to the JV, the JV Agreement will be automatically be terminated.

The joint venture is not expected to have any material effect on the earnings, net assets per share and gearing of Knusford for the financial year ending 31 December 2011 and is not subject to the approval from any authorities or shareholders of Knusford.

None of the Directors and/or major shareholders of Knusford or any persons connected to them have any interest, direct and/or indirect in the joint venture.

The Board having considered all aspects of the joint venture is of the opinion that the joint venture is in the best interest of Knusford.