Read article below to find out why the counter dropped so much today.
Faber: Abu Dhabi contracts not renewed - by Yantoultra Ngui Yichen, theedgemalaysia.com.
Faber Group Bhd’s subsidiary Faber LLC has received non-renewal notices for three maintenance services contracts worth a total of RM184 million in Abu Dhabi from the Emirate’s Department of Municipal Affairs, Western Region Municipality.
In an announcement to Bursa Malaysia here yesterday, the integrated facilities management service provider said the non-renewal of the contracts will affect Faber’s earnings and its net assets per share of four sen for the financial year ending Dec 31, 2011.
“With regard to the operational impact, Faber LLC needs to redeploy its staff and assets that are presently assigned to the projects and it will continue to maintain the office in the region for other potential contracts,” it said.
Faber received the non-renewal notices of the contracts on Jan 10.
The non-renewed contracts included the provisions of civil, mechanical and electrical maintenance services for low-cost houses at Madinat Zayed and Liwa as well as the improvement, development, upgrade and maintenance of infrastructure facilities and projects at Madinat Zayed-Zone-1.
According to the announcement, Faber’s services for the low-cost house contracts will cease with effect from April 2, while its services for the maintenance of infrastructure facilities at Madinat Zayed-Zone-1 will expire on June 1.
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