The Board of Directors of Jaycorp wishes to announce that Jaycorp Engineering & Construction Sdn Bhd (“JECSB”), a 60%-owned subsidiary, had on 17 October 2016 entered into a contract with Solid Destiny Sdn Bhd (“SDSB”) for the construction of a 7-storey shop cum office on L.15864 at Likas, Kota Kinabalu, Sabah known as the Spinnaker SOVO Suite at Likas Bay for a contract sum of Ringgit Malaysia Sixteen Million Seven Hundred Sixty-Three Thousand Five Hundred Ninety-Seven and Sen Sixteen (RM16,763,597.16) only over a period of twenty four (24) months (“the Project”). The Project has a gross floor area of approximately 82,408 square feet.
That sounds like decent news for the company.
The announcement was made January 9, 2017 while the contract was signed October 17, 2016, almost three months ago. That bags the question, why the delay in announcing this contract?