Thursday 30 May 2024
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KUALA LUMPUR (Oct 17): Dagang Nexchange Bhd (DNeX) said its unit has won two contracts worth an aggregate sum of US$2.78 million or RM11.55 million to repair submarine cables laid in the Philippines and Indonesian water.

In an exchange filing today, DNeX said its 51%-owned subsidiary DNeX Telco Services Sdn Bhd accepted the award today from Indonesian submarine cable system services provider Pt Bina Nusantara Perkasa (BNP), to carry out the works for cable ship KDDI Pacific Link.

The project, effective today, will be valid for a principal of 29 days, with an option for extension of up to 35 days.

“The charterer (BNP) shall pay the disponent owner (DNeX Telco) for the works, based on the actual repair days. The contract value shall exclude all taxes, including but not limited to VAT/GST duties, levies and fees that may be imposed or levied on the charterer in relation to the works.

“Barring any unforeseen circumstances, the project is expected to contribute positively towards the future earnings and net assets per share of DNeX over the tenure of the project,” the filing read.

Shares of DNeX closed unchanged today at 38 sen, for a market capitalisation of RM668.02 million.

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