Datasonic bags RM12.9m CCTV camera installation job in Penang

by **Cals** Sat 05 Dec 2015, 00:06

Datasonic bags RM12.9m CCTV camera installation job in Penang

By Supriya Surendran / theedgemarkets.com | December 4, 2015 : 4:25 PM MYT

KUALA LUMPUR (Dec 4): [size=16]Datasonic Group Bhd ([You must be registered and logged in to see this image.] Valuation: 0.50, Fundamental: 1.75) has bagged a RM12.9 million contract for the installation of closed-circuit television (CCTV) cameras on Phase 4 of Penang Island.

In a filing with Bursa Malaysia today, the information, communications and technology (ICT) solutions provider said that its wholly-owned subsidiary Datasonic Technologies Sdn Bhd had accepted a letter of award (LoA) dated Dec 3, 2015 from Majlis Bandaraya Pulau Pinang (MBPP) for a period commencing from Dec 10, 2015 to July 22, 2021 for a contract sum of RM12.9 million.

Under the terms of the LoA, Datasonic Technologies is to furnish a performance bond for the amount of RM644,844.37 to MBPP, take up a workers compensation insurance policy and submit a copy of the policy to MBPP, and take up a public liability insurance policy under the joint names with MBPP for a minimum amount of RM100,000 for any accidents and unlimited number of accidents, including claims from third parties.

All three stipulations under the LoA come with a validity period commencing from Dec 10, 2015 to July 22, 2022.

"The contract is expected to contribute positively towards the future earnings and net assets per share of Datasonic Group for the financial year ending March 31, 2016 and the financial years thereafter for the duration of the contract," read the group's announcement.

At 2.50pm, Datasonic shares remained unchanged from its closing price yesterday at RM1.57, with 2.07 million shares traded.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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