KUALA LUMPUR (April 27): Datasonic Group Bhd clinched a five-year contract from the Ministry of Home Affairs (KDN) to supply 13.42 million units of Malaysian Passport Documents, for a contract sum of RM223.38 million.
In a filing with Bursa Malaysia today, the secure identity and personalisation system solutions provider said its wholly-owned subsidiary Datasonic Technologies Sdn Bhd has accepted the letter of award (LoA) from KDN for supplying the passport documents from Dec 1, 2016 to Nov 30, 2021.
Under the terms of the LoA, Datasonic Technologies is required to provide a performance bond of RM2.23 million to KDN, with validity period commencing from Dec 1, 2016 to Nov 30, 2022.
"The contract is subject to normal business risks such as increase in cost due to any escalation of material costs and contractual terms including default provisions. As such, the management would put in place control measures and operational procedures to reduce the impact or likelihood of such events," Datasonic said.
Datasonic closed seven sen or 5.38% higher at RM1.37 today, giving it a market capitalisation of RM1.77 billion.
DSONIC (5216) - Datasonic bags KDN's RM223m five-year passport contract
http://www.theedgemarkets.com/my/article/datasonic-bags-kdns-rm223m-five-year-passport-contract
