PRESS RELEASE
DATE: June 14, 2011
Banks DIH Limited recently signed an agreement with Hyundai Company of South Korea for the purchase of another 1.7 megawatt Generator when installed the total projected cost will be over $1 million (US).
Mr. Clifford Reis, Chairman and Managing Director of Banks DIH Ltd. speaking at the signing ceremony at Thirst Park said the objective of the purchase was in response to the increase demand for electrical energy arising from the Company’s capital expansion programme over the next two years.
In addition the new generator will provide more reliable electrical power at a lower cost.
Mr. Reis said the new generator will be synchronised with two existing Hyundai 1.7 and 1.1 generators currently in operation at the Company’s Power Generation Plan located at Caribanks Site.
This new Hyundai generator which is fuelled by Bunker ‘C’ will replace the Cummins diesel engines that have been in operation for over 30 years.
Hyundai is expected to complete the manufacturing of the generator in November 2011 with the commissioning set for January 2012.
Mr. Jong Soo Yang, Marketing Manager of Hyundai signed on behalf of his company.
Also present at the signing ceremony were Banks DIH Ltd. Human Resources Director Mr. Andrew Carto, Operations Director Mr. Michael Pereira, Company Secretary Mr. Terrence Bynoe, Building, Transport and Power Generation Executive Mr. Shabir Hussein, Finance Controller Mr. Deonarain Seepaul and Corporate Legal Officer Ms. Kavorn Kyte-Williams.
Photo caption: Banks DIH Ltd. Chairman and Chief Executive Officer Mr. Clifford Reis and Mr. Jong Soo Yang of Hyundai exchange documents in the presence of Executives of Banks DIH Ltd.