Bursa Announcements
News
Material Litigation
Dec 16, 2014
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, 19 January 2009, 16 April 2013, 18 April 2013, 27 May 2013 and 9 June 2014 in respect of the above matter.
Gamuda Berhad (“Gamuda” or “the Company”) wishes to announce that the application to set aside the Arbitral Award of 16 April 2013 (“the Award”) based on public policy filed by Gamuda, a party to the MMCEG-Gamuda Joint Venture (“the JV”), has been dismissed by the Kuala Lumpur High Court. Consequentially, the Kuala Lumpur High Court has affirmed the Award.
Gamuda, which has 50% interest in the JV, intends to appeal against the decision of the Kuala Lumpur High Court.
The decision of the Kuala Lumpur High Court is not expected to have any material impact on the earnings of the Gamuda Group for the financial year ending 31 July 2015.
Gamuda will make further announcement if there is any material development in the matter.
This announcement is dated 16 December 2014.
Announcement Info
Company Name
GAMUDA BERHAD
Stock Name
GAMUDA
Date Announced
16 Dec 2014
Category
General Announcement
Reference No
GG-141216-59890
| 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, 19 January 2009, 16 April 2013, 18 April 2013, 27 May 2013 and 9 June 2014 in respect of the above matter. Gamuda Berhad (“Gamuda” or “the Company”) wishes to announce that the application to set aside the Arbitral Award of 16 April 2013 (“the Award”) based on public policy filed by Gamuda, a party to the MMCEG-Gamuda Joint Venture (“the JV”), has been dismissed by the Kuala Lumpur High Court. Consequentially, the Kuala Lumpur High Court has affirmed the Award. Gamuda, which has 50% interest in the JV, intends to appeal against the decision of the Kuala Lumpur High Court. The decision of the Kuala Lumpur High Court is not expected to have any material impact on the earnings of the Gamuda Group for the financial year ending 31 July 2015. Gamuda will make further announcement if there is any material development in the matter. This announcement is dated 16 December 2014. |
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Announcement Info
| Company Name | GAMUDA BERHAD |
| Stock Name | GAMUDA |
| Date Announced | 16 Dec 2014 |
| Category | General Announcement |
| Reference No | GG-141216-59890 |