| Type | Announcement |
| Subject | OTHERS |
| Description | JHM CONSOLIDATION BERHAD (“JHM” OR THE “COMPANY”) -CONTRACTS SECURED FROM MAGNA AUTOSYSTEMS INC (“Magna”) BY MORRISSEY ASSEMBLY SOLUTION SDN. BHD., A SUBSIDIARY OF JHM |
1. INTRODUCTION
The Board of Directors of JHM (“Board”) is pleased to announce that its wholly-owned subsidiary, Morrissey Assembly Solution Sdn. Bhd. (“MASSB”) had secured contract from Magna for the supply of parts for a car model in United State of America. (“Contract”).
2. SECURED CONTRACT PERIOD
i) The supply of parts is expected to commence in the third quarter of the financial year ending 31 December 2025 and will continue for a duration of 2.5 years; and
ii) The total estimated value of the Contract is USD25,892,431 (equivalent to RM115,221,319.35 at the estimated exchange rate USD1:RM4.45) for the abovementioned duration.
3.FINANCIAL EFFECTS OF THE CONTRACT
The Contract will not have any effect on the share capital and shareholding structure of JHM. The Contract is expected to contribute to the earnings of JHM Group over a period of 2.5 years commencing from financial year ending 31 December 2025.
4. RISKS OF THE CONTRACT
The risk factors affecting the Contract includes changes in economic, political and regulatory environment and operational risks such as completion risk and shortage of materials and skilled labour which the Group would take appropriate measures to minimise.
5. DIRECTORS’ AND SUBSTANTIAL SHAREHOLDERS’ INTERESTS
None of the Directors and/or major shareholders of JHM or persons connected with them has any interests, whether direct or indirect, in the Contract.