The company completed its review and re-validation of the costs of the Shatin to Central Link project and informed the government of the company`s most recent estimate of HK 82,999.3 million (including additional project management costs for the company, costs for the company to carry out the remaining project management responsibilities under the corresponding delegation agreement). , but without costs (including project management costs) related to the company for which the entity has already made available a provision of HK 2 billion in the consolidated income statement for the year ended December 31, 2019. The company`s board of directors believes that the company`s right to additional project management costs must be settled with the government, in accordance with the terms of the corresponding delegation agreement. Despite the need to address this issue, the company will continue to meet its project management obligations under the corresponding delegation agreement and will bear the costs of advancing the Shatin to Central Link project in accordance with the most recent program (subject to additional resources for project work costs). means: (i) the design delegation agreement As announced by the company, the delivery program of the Shatin to Central Link project has been significantly influenced by some important external events, including the discovery of archaeological relics in the area of the Sung Wong Toi station, requests for additional perimeter and the late or incomplete delivery of sites by third parties to the company. These issues not only increase the cost of the work, but also increase the costs to the company for the performance of its project management responsibilities under the corresponding trust agreement, this increase is estimated at about HK 1,371.0 million. The government has been regularly informed and discussed the delays in the Shatin to Central Link delivery program and its impact on total cost, including project management costs. The company received payments from the government`s project management costs in accordance with the payment plan established in the corresponding trust agreement. In accordance with the corresponding delegation agreement, the company is responsible for the execution or acquisition of the work under the existing delegation agreements concerning the Shatin to Central Link project and the government as the owner of the Shatin in Central Link and to pay the project management fee of HK 7.893 million, in accordance with an agreed payment plan.
Scl Entrustment Agreement
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