Bursa Announcements News

References are made to the announcements made by Gamuda Berhad (Company No. 29579-T) (“Gamuda” or “Company”) on 9 March 2018, 5 June 2018, 13 June 2018, 23 October 2018 and 5 December 2018 respectively, pertaining to the TNB Suit.

The Company wishes to inform that the solicitors representing its 80% owned subsidiary, Gamuda Water has today informed that at the hearing held on 15 August 2019, TNB’s solicitors have withdrawn all matters pertaining to the TNB Suit with no order as to costs and without liberty to file afresh.

This was following full payment of the settlement sum totalling RM91.11 million (“Settlement Sum”) by Gamuda Water to TNB.  The Settlement Sum constitutes full and final settlement of the dispute between Gamuda Water and TNB.

The aforesaid settlement was subsequent to the following: -

1. The share purchase agreement dated 28 September 2018 entered into between Sungai Pengeluar Air Selangor Holdings Berhad (Company No. 482926-X), our 40% owned company and Pengurusan Air Selangor Sdn Bhd (Company No. 1082296-U) (“Air Selangor”) was completed on 24 April 2019; and
2. The execution of the Bulk Water Supply Agreement (Sungai Selangor Water Treatment Works Phase 3) on 24 May 2019 between Gamuda Water and Air Selangor.

The TNB Suit will not have any significant financial and operational impact on Gamuda Group for the financial year ending 31 July 2020 since the outstanding electricity bills have been fully provided as and when they were incurred.

This announcement is dated 20 August 2019.