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MATERIAL LITIGATION ARBITRATION BETWEEN SUKITRONICS SDN. BHD. ("SSB"), A SUBSIDIARY OF INDUSTRONICS BERHAD ("IB" OR "THE COMPANY") AND FIRST KUWAITI TRADING & CONTRACTING W.L.L ("FKTC")

INDUSTRONICS BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
ARBITRATION BETWEEN SUKITRONICS SDN. BHD. ("SSB"), A SUBSIDIARY OF INDUSTRONICS BERHAD ("IB" OR "THE COMPANY") AND FIRST KUWAITI TRADING & CONTRACTING W.L.L ("FKTC")

(The Ringgit Malaysia equivalent for this announcement is based on the middle exchange rate quoted on Bank Negara Malaysia website as at 5.00 p.m. on 27 February 2017 of USD1.00:RM3.9125, subject to rounding.)

 

Unless otherwise stated, all definitions and terms used in this announcement shall have the same meanings as defined in the previous announcements dated 22 March 2012 and 18 October 2012 and the Company’s interim financial statements since quarter ended 30 September 2011 in relation to the subject matter.

 

Following to the Company’s update on the subject matter in its interim financial statements for the quarter ended 31 December 2017 duly announced on 28 February 2018, the Board of Directors of IB wishes to inform that pursuant to Paragraph 9.04(g) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, SSB had on 27 February 2018 received the signed Final Award dated 4 October 2017 as below issued by the Arbitration Chambers in Kuala Lumpur, Malaysia:-

 

(i) An order that the Claimant shall pay to the Respondent the sum of USD202,277.00 (equivalent to approximately RM791,408.76) in full and final settlement of all matters in difference;

 

(ii) An order that simple interest at the rate of 5.00% per annum is payable on the sums stated in (i) above from 4 October 2017 until the actual realisation of the said payments by the Claimant to the Respondent;

 

(iii) An order that the Claimant shall bear and pay the Respondent’s costs of the said Arbitration upon a party and party basis;

 

(iv) An order that the Claimant shall pay and bear the costs of the Award and if the Respondent has already paid the whole or any part of such costs the Claimant shall reimburse the Respondent accordingly; and

 

(v) An order that all other requests and claims of the Claimant and the Respondent are rejected.

 

The said Arbitration is not expected to have any significant financial impact on the net profits/losses attributable to owners of the Company for the financial year ending 31 December 2018.

 

The Company is assessing possible course of actions on this matter.

 

 

This announcement is dated 28 February 2018.






Announcement Info

Company Name INDUSTRONICS BERHAD
Stock Name ITRONIC
Date Announced 28 Feb 2018
Category General Announcement for PLC
Reference Number GA1-28022018-00150




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