PETALING JAYA: Samaiden Group Bhdâs wholly-owned subsidiary Samaiden Sdn Bhd (SSB) today received and accepted a RM25.8 million contract from Gimzan Plywood Sdn Bhd to undertake amongst others, the engineering, procurement, construction and commissioning (EPCC) works in relation to the development of a 2.0 MWac biomass RE power plant at in Terengganu.
The scope of work includes the EPCC, reliability test, remedy of defect during the defect liability period and provision of all equipment, both permanent works and temporary works in connection with the project. The works will commence on Feb 2, 2021, which is also the commencement date of the contract upon Gimzan achieves the financial close and issuance of notice to proceed.
SSBâs target completion date is within 23 months. The defects liability period for the project will be 24 months from the date of commercial operations date approved by Tenaga Nasional Bhd and Sustainable Energy Development Authority Malaysia.
Should SSB fail to complete the works within 23 months, SSB will pay or allow Gimzan to impose at the rate of RM2,000 per day up to a limit of 5% of the contract price as liquidated and ascertained damages as delay compensation.
The contract is expected to contribute positively towards the future earnings of Samaiden for the duration of the contract.
