Progressive Impact secures deal extension worth RM22m

PETALING JAYA: Progressive Impact Corp Bhd has secured an extension of concession agreement for an interim period of one year worth RM22 million from the Ministry of Natural Resources and Environment (NRE).
Its wholly owned subsidiary, Alam Sekitar Malaysia Sdn Bhd, yesterday received a letter from the ministry to notify them about the extension that will start from April 14, 2015 to April 13, 2016.
The concession agreement is relating to environmental monitoring and data management activities of the Department of Environment with the Government of Malaysia.
The terms and conditions of the interim concession will be based on the Interim Agreement to be entered into with the NRE in April 2015 and other existing agreements.
"The Interim Concession is not expected to have any material impact on the earnings and net assets of the group for the financial year ending Dec 31, 2015," the company told Bursa Malaysia yesterday.
Progresive Impact entered into a concession agreement on April 14, 1995 which granted it exclusive rights to provide continuous ambient air and water quality measurement monitoring services with respect to the Government national monitoring network for a term of 20 years and an option for a five year extension.