G Capital Berhad announced that G Capital Water Solutions Sdn. Bhd. a 51%-owned subsidiary of the Company had on 8 July 2022 has been awarded a Letter of Award (“LOA”) from Pembinaan Limpah Bersatu Sdn.

Bhd. to be the Non-Revenue Water (“NRW”) specialist sub-contractor for “Program Non-Revenue Water (NRW) Nasional Pendekatan 1 – Pulau Langkawi”. The Project is managed and funded by Ministry of Environment and Water of Malaysia, also known as Kementerian Alam Sekitar Dan Air (“KASA”).

Pembinaan Limpah has appointed GCAP Water Solutions to be NRW specialist for a contract sum of RM7.05 million. The Project is estimated to complete within thirteen (13) months commencing July 2022. Under which, the scope of works of NRW specialist includes the following:- NRW reduction at Pulau Langkawi; Hydraulic modelling; Pipe assessment; Network improvement; and Pipe replacement works.

Pembinaan Limpah is a private limited company, incorporated and domiciled in Malaysia and having its registered address at 33-3, Jalan Metro Perdana Barat 1, Taman Usahawan Kepong Utara, Kuala Lumpur, Malaysia. As a building contractor, Pembinaan Limpah's principal place of business is located at No. 6, Jalan Haruan, Taman Selesa, Buloh Kasap, 85000 Segamat, Johor, Malaysia.

The Project is expected to contribute positively to the future earnings of the Group as the Project progressing towards completion. Save for the above, the LOA is not expected to have any material impact on the earnings and net assets of the Group for the financial year ending 31 December 2022. The LOA does not require the approval of shareholders of the Company, Bursa Malaysia Securities Berhad or Securities Commission Malaysia.