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03 November 2008
Contract for the supply of a new Electric Arc Furnace between Perwaja Steel Sdn Bhd with Concast AG, Zurich / Switzerland
The Board of Directors of Perwaja Holdings Berhad (the “Company”) wishes to announce that Perwaja Steel Sdn Bhd (“PSSB”), a 100% owned subsidiary of the Company, had on 23 October 2008 entered into a contract (the “Contract”) for the supply of a new Electric Arc Furnace with Concast AG, Zurich / Switzerland. The consideration of the Contract is Euro5,900,000 (equivalent to RM26,550,000 based on an exchange rate of Euro1.00 to RM4.50) payable in cash which will be funded by PSSB’s internally generated funds.
The new Electric Arc Furnace (“EAF”) shall be in addition to the existing electric arc furnaces in the steel melt shop of PSSB. The size of the new EAF is 90 metric tonnes. The new EAF will shorten the overall production time and increase the annual production of steel billets by another 750,000 metric tonnes. The delivery of the new EAF shall be completed by October 2009.
None of the Directors, major shareholders and/or persons connected to the Directors and major shareholders of the Company have any interest, direct or indirect in the Contract.
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