Bursa Announcements
News
Material Litigation
Apr 16, 2013
Type
Announcement
Subject
MATERIAL LITIGATION
Description
ARBITRATION PROCEEDINGS BY MMCEG-GAMUDA JOINT VENTURE AGAINST WAYSS & FREYTAG (MALAYSIA) SDN BHD
We refer to our announcements of 17 December 2008 and 19 January 2009 in respect of the above matter.
Gamuda Berhad (“Gamuda” or "the Company") wishes to announce that Gamuda, which is a party to the MMCEG-Gamuda Joint Venture (“the JV”), has today received the award of the arbitration. The award gives the following directions:
(i) That the JV’s claim against Wayss & Freytag (Malaysia) Sdn Bhd (“Wayss & Freytag”) fails and is dismissed;
(ii) That Wayss & Freytag’s claim succeeds in substantial part and the JV shall pay Wayss & Freytag the sum of RM96,297,229-03 together with interest thereon at 5% per annum from 16 April 2013; and
(iii) That the JV shall pay Wayss & Freytag the sum of RM9,000,000-00 as costs.
Gamuda has 50% interest in the JV. The impact on the earnings of Gamuda Group for the financial year ending 31 July 2013 is RM77,808,000-00.
This announcement is dated 16 April 2013.
Announcement Info
Company Name
GAMUDA BERHAD
Stock Name
GAMUDA
Date Announced
16 Apr 2013
Category
General Announcement
Reference No
GG-130416-67607
| Type | Announcement |
| Subject | MATERIAL LITIGATION |
| Description | ARBITRATION PROCEEDINGS BY MMCEG-GAMUDA JOINT VENTURE AGAINST WAYSS & FREYTAG (MALAYSIA) SDN BHD |
We refer to our announcements of 17 December 2008 and 19 January 2009 in respect of the above matter. Gamuda Berhad (“Gamuda” or "the Company") wishes to announce that Gamuda, which is a party to the MMCEG-Gamuda Joint Venture (“the JV”), has today received the award of the arbitration. The award gives the following directions: (i) That the JV’s claim against Wayss & Freytag (Malaysia) Sdn Bhd (“Wayss & Freytag”) fails and is dismissed; (ii) That Wayss & Freytag’s claim succeeds in substantial part and the JV shall pay Wayss & Freytag the sum of RM96,297,229-03 together with interest thereon at 5% per annum from 16 April 2013; and (iii) That the JV shall pay Wayss & Freytag the sum of RM9,000,000-00 as costs. Gamuda has 50% interest in the JV. The impact on the earnings of Gamuda Group for the financial year ending 31 July 2013 is RM77,808,000-00. This announcement is dated 16 April 2013.
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Announcement Info
| Company Name | GAMUDA BERHAD |
| Stock Name | GAMUDA |
| Date Announced | 16 Apr 2013 |
| Category | General Announcement |
| Reference No | GG-130416-67607 |