AbleGroup in water supply upgrade JV

PETALING JAYA: AbleGroup Bhd’s wholly owned subsidiary Atlas Rhythm Sdn Bhd has entered into a joint venture agreement (JVA) for the upgrade of IWSS3 (Low Zone) for Syarikat Bekalan Air Selangor Sdn Bhd for supply of water.
It said in a filing with Bursa Malaysia, the total cost contribution inclusive of estimated construction cost, project manager and stakeholders’ fees and goods and services tax has been estimated at RM4.53 million.
Based on Atlas Rhythm’s sharing percentage of 12.28% pursuant to the JVA, the estimated cost contribution of Atlas Rhythm is RM557,669, to be funded through internally generated funds.
Other JV partners are Bluewater Horizon Sdn Bhd, GB Kiara Sdn Bhd, Good Axis Sdn Bhd, Modern Pandora Sdn Bhd, TWY Development Sdn Bhd and Yakin Land Sdn Bhd.
The JVA is to enhance the supply of water to the development of the land in compliance with the Water Authorities requirements.