Posted on November 24, 2015
Inix Technologies Holdings Bhd’s soon-to-be 30 per cent associate company, Galactic Maritime (M) Sdn Bhd, has signed an RM34.5 million agreement with Alam Seada Sdn Bhd (ASSB) to provide three vessels for dredging and land reclamation services for a project in Penang.
In filing to Bursa Malaysia today, Inix said, it was based on a total estimated 3.0 million cu metre of sand to be transported.
“The contract is expected to be completed by end-December 2016.
“It is also expected to contribute positively to the future revenue and earnings of Galactic for the financial years ending July 31, 2016 and July 31, 2017,” it said.
Inix Technologies had on March 16, 2015, entered into a share sale agreement (SSA) to acquire 30 per cent stake in Galactic Maritime and the SSA was expected to be completed by end-November 2015.
Galactic is principally involved in the provision of land reclamation, reclamation dredging and environmental protection dredging services.