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Notice to commence arbitration proceedings by Salcon MMCB AZSB JV Sdn Bhd ("SMAJV") against Pengurusan Aset Air Berhad ("PAAB")

MMC CORPORATION BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-30092020-00001
Subject Notice to commence arbitration proceedings by Salcon MMCB AZSB JV Sdn Bhd ("SMAJV") against Pengurusan Aset Air Berhad ("PAAB")
Description 
NOTICE TO COMMENCE ARBITRATION PROCEEDINGS BY SALCON MMCB AZSB JV SDN. BHD. ("SMAJV") AGAINST PENGURUSAN ASET AIR BERHAD ("PAAB")
Query Letter Contents

We refer to your Company’s announcement dated 28 September 2020, in respect of the aforesaid matter.

 

In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

 

1.         The interest rate claimed on the counterclaim sum of  RM63,030,664.84 by PAAB against SMAJV (“Counterclaim”), if any.

2.         The financial and operational impact of the Counterclaim on MMC Corporation Berhad group (“MMC Group”).

3.         The estimated potential liability to MMC Group arising from the Counterclaim.

4.         Whether SMAJV is a major subsidiary of MMC.

5.         Total cost of MMC’s investment in SMAJV.

 

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

 

Yours faithfully

LISTING

REGULATION

 

                                                                                                                                                                        

Cc : Market Surveillance Dept., Securities Commission (via fax)

We refer to our announcements dated 17 April 2014, 26 August 2020 and 28 September 2020 (“Announcements”). Unless otherwise stated, the abbreviations used herein shall have the same meaning as set out in the Announcements.

We are pleased to furnish below the additional information as requested by Bursa Malaysia Securities Berhad via its letter dated 30 September 2020:

1.  There is no specific interest rate stated in the Response to Arbitration Notice on the counterclaim sum of RM63,030,664.84 by PAAB against SMAJV.

2.  PAAB’s Counterclaim is not expected to have any material financial and operational impact on MMC Group for the financial year ending 31 December 2020.

3.  There is no liability to MMC Group arising from PAAB’s Counterclaim as any amount awarded to PAAB (if any) would be borne by SMAJV.

4.  SMAJV is not a major subsidiary of MMC.

5.  The total cost of MMC Group’s investment in SMAJV is RM5,707,000.00.

MMC will make further announcements if there are any material developments on the above matter.

This announcement is dated 1 October 2020.


Announcement Info

Company Name MMC CORPORATION BERHAD
Stock Name MMCCORP
Date Announced 01 Oct 2020
Category General Announcement for PLC
Reference Number GA1-01102020-00085




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