Jaycorp: late announcement? (2)

Jaycorp was queried by Bursa regarding the awarded contract and gave more details, one snippet:


1. The reason for the delay in making the announcement with regard to the award of the Project was because approvals from the relevant state authorities on the design of the Project were still pending after the letter of award was issued. The lack of these approvals would have materially affected the viability of the Project and the total contract sum resulting in the delayed announcement.


It seems the project started before the approvals were acquired, even before the contract was entered into:

4. The Project commenced on 15 June 2016 and the completion date is 14 June 2018.

Jaycorp: late announcement?

Jaycorp announced:



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?