Bursa Announcements
News
Material Litigation
Apr 19, 2013
Type
Announcement
Subject
MATERIAL LITIGATION
Description
REQUEST FOR ARBITRATION BY BAHRAIN ASPHALT ESTABLISHMENT B.S.C. (CLOSED) (“BAE”)
We refer to our announcements of 9 March 2010 and 11 March 2010 in respect of the above matter.
Gamuda Berhad (“Gamuda” or “the Company”) wishes to announce that Gamuda, which is a party to the Gamuda-WCT Joint Venture, Qatar (“the JV”), had on 17 April 2013 received the final award of the Arbitral Tribunal pursuant to the International Chamber of Commerce Rules of Arbitration.
The Arbitral Tribunal has awarded BAE, and the JV shall pay to BAE the following:
(i) QAR 45,720,802 (approximately RM38,129,000) being the sum of QAR 55,671,142 less the sum of QAR 9,950,340 which the JV is entitled to in respect of its counter claim; and
(ii) QAR 17,104,710 (approximately RM14,264,000) as legal and other costs and USD 412,000 (approximately RM1,250,000) for arbitrators’ costs.
Gamuda has 51% interest in the JV. The impact on the earnings of Gamuda Group for the financial year ending 31 July 2013 is approximately RM27,358,000.
Meanwhile, the JV continues to pursue its claims with the Government of Qatar in respect of the main contract.
This announcement is dated 19 April 2013.
Announcement Info
Company Name
GAMUDA BERHAD
Stock Name
GAMUDA
Date Announced
19 Apr 2013
Category
General Announcement
Reference No
GG-130419-62863
| Type | Announcement |
| Subject | MATERIAL LITIGATION |
| Description | REQUEST FOR ARBITRATION BY BAHRAIN ASPHALT ESTABLISHMENT B.S.C. (CLOSED) (“BAE”) |
We refer to our announcements of 9 March 2010 and 11 March 2010 in respect of the above matter. Gamuda Berhad (“Gamuda” or “the Company”) wishes to announce that Gamuda, which is a party to the Gamuda-WCT Joint Venture, Qatar (“the JV”), had on 17 April 2013 received the final award of the Arbitral Tribunal pursuant to the International Chamber of Commerce Rules of Arbitration. The Arbitral Tribunal has awarded BAE, and the JV shall pay to BAE the following: (i) QAR 45,720,802 (approximately RM38,129,000) being the sum of QAR 55,671,142 less the sum of QAR 9,950,340 which the JV is entitled to in respect of its counter claim; and (ii) QAR 17,104,710 (approximately RM14,264,000) as legal and other costs and USD 412,000 (approximately RM1,250,000) for arbitrators’ costs. Gamuda has 51% interest in the JV. The impact on the earnings of Gamuda Group for the financial year ending 31 July 2013 is approximately RM27,358,000. Meanwhile, the JV continues to pursue its claims with the Government of Qatar in respect of the main contract. This announcement is dated 19 April 2013.
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Announcement Info
| Company Name | GAMUDA BERHAD |
| Stock Name | GAMUDA |
| Date Announced | 19 Apr 2013 |
| Category | General Announcement |
| Reference No | GG-130419-62863 |