Ariantec awarded RM32 m HSBB contract in Indonesia

Ariantec awarded RM32 m HSBB contract in Indonesia
Business & Markets 2013
Written by Shalini Kumar of theedgemalaysia.com
Monday, 05 August 2013 18:28

KUALA LUMPUR (Aug 5): Ariantec Global Bhd's (AGB) wholly-owned unit, Ariantec Sdn Bhd, has been awarded a US$10 million (RM32.4 million) contract for works in respect of a high speed broadband (HSBB) network in Pekanbaru Riau, Indonesia.

The contract was awarded by PCC - a licensed internet service provider - and will run for a duration of up to three years and will be in phases.
"The contract sum shall be paid by PCC to AGB on a progressive basis and within 90 days from the date of receipt by the PCC of each and every certificate for works done," said Ariantec in its filing.

"AGB intends to fund the works of the contract via funds to be raised under the proposed private placement exercise which was announced on 25 April 2013, internally generated funds as well as borrowing," it added.
In a separate filing, Ariantec said that it was proposing a name change to NetX Holdings Bhd.

"The Companies Commission of Malaysia has approved the reservation of the name. The proposed change of name is subject to the approval of the shareholders of the company at the forthcoming extraordinary general meeting to be convened at a date to be announced later," it said.