Bursa Announcements
News
Material Litigation (Amended Announcement)
Apr 18, 2013
Type
Announcement
Subject
MATERIAL LITIGATION
Description
ARBITRATION PROCEEDINGS BY MMCEG-GAMUDA JOINT VENTURE AGAINST WAYSS & FREYTAG (MALAYSIA) SDN BHD (“Wayss & Freytag”)
Further to our announcement of 16 April 2013 (“said announcement”) in respect of the award rendered in the above arbitration, Gamuda Berhad (“Gamuda” or “the Company”) wishes to inform that:
(i) Apart from the 3 orders or directions of the award mentioned in the said announcement, there is an additional order of interest of 4% per annum on the sum of RM96,297,229-03 calculated from the date of termination of the sub-contract to the date of the award amounting to RM28,247,187-18; and
(ii) The impact on the earnings of Gamuda Group for the financial year ending 31 July 2013 can be analysed as follows:
RM
(a)
Wayss & Freytag’s awarded claims
96,297,229-03
(b)
Wayss & Freytag’s awarded costs
9,000,000-00
105,297,229-03
(c)
Cost incurred by MMCEG-Gamuda Joint Venture (“the JV”) to complete the works that was not recoverable due to the dismissal of the JV’s counter claims against Wayss & Freytag
50,318,770-97
Total at the JV level
155,616,000-00
Gamuda’s 50% share
77,808,000-00
Gamuda’s 50% share of the additional order of interest as per (i) above
14,123,593-59
Total at Gamuda level
91,931,593-59
This announcement is dated 18 April 2013.
Announcement Info
Company Name
GAMUDA BERHAD
Stock Name
GAMUDA
Date Announced
18 Apr 2013
Category
General Announcement
Reference No
GG-130418-63885
| Type | Announcement | ||||||||||||||||||||||||||||||
| Subject | MATERIAL LITIGATION | ||||||||||||||||||||||||||||||
| Description | ARBITRATION PROCEEDINGS BY MMCEG-GAMUDA JOINT VENTURE AGAINST WAYSS & FREYTAG (MALAYSIA) SDN BHD (“Wayss & Freytag”) | ||||||||||||||||||||||||||||||
Further to our announcement of 16 April 2013 (“said announcement”) in respect of the award rendered in the above arbitration, Gamuda Berhad (“Gamuda” or “the Company”) wishes to inform that: (i) Apart from the 3 orders or directions of the award mentioned in the said announcement, there is an additional order of interest of 4% per annum on the sum of RM96,297,229-03 calculated from the date of termination of the sub-contract to the date of the award amounting to RM28,247,187-18; and (ii) The impact on the earnings of Gamuda Group for the financial year ending 31 July 2013 can be analysed as follows:
This announcement is dated 18 April 2013.
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Announcement Info
| Company Name | GAMUDA BERHAD |
| Stock Name | GAMUDA |
| Date Announced | 18 Apr 2013 |
| Category | General Announcement |
| Reference No | GG-130418-63885 |