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Wednesday, June 22, 2011

Grand-Flo Secures RM90 Million Projects

PETALING JAYA, June 22 (Bernama) -- Tracking solution firm, Grand-Flo Bhd, has secured two networking jobs in Thailand worth RM90 million.

"Both jobs are awarded by the Communications Authority of Thailand (CAT). The first job, worth RM50 million, is in the province of Nakhonratsima while the other, in the province of Chiang Mai is valued at RM40 million," said Group Managing Director-cum-Group President Derrick Tan.

He said the company would obtain shareholders' approval, at an extraordinary meeting next month, for the RM40 million-job as the total value of both jobs were huge.

"They are BOT (build, operate and transfer) projects for five years which will enable us to collect rental from 2011 till 2016. After that, we will hand over to CAT and will charge them for maintenance," Tan said after the company's annual general meeting here Wednesday.

He said the projects would generate recurring income of between RM3 million and RM4 million a year for five years.

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