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MATERIAL LITIGATION ARBITRATION PROCEEDINGS BY JP LOGISTICS SDN BHD AGAINST CCJV P1 ENGINEERING & CONSTRUCTION SDN BHD (ARBITRATION)

MMC CORPORATION BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
ARBITRATION PROCEEDINGS BY JP LOGISTICS SDN BHD AGAINST CCJV P1 ENGINEERING & CONSTRUCTION SDN BHD (ARBITRATION)

We refer to our announcement of 3 April 2019, 16 December 2019 and 18 December 2019 (“Announcements”) in respect of the above matter. Unless otherwise stated, the abbreviations used in this announcement shall have the same meaning as set out in the earlier announcements.

MMC Corporation Berhad (“MMC”) wishes to announce that JPL, a wholly-owned subsidiary of Johor Port Berhad, which in turn is a wholly-owned subsidiary of MMC, has today received the award of the Arbitration (“the Award”), allowing JPL’s claim against CCJV and dismissing CCJV’s counterclaim against JPL with costs. The Award orders the following:

  1. That CCJV pays JPL the sum of RM49,139,010.12;
  2. That CCJV pays JPL the sum of RM2,937,285.70, being the Goods and Services Tax on the amount of RM49,139,010.12;
  3. That CCJV pays JPL the sum of RM457,375.27 being the costs of the Arbitration and deposits paid by JPL;
  4. That CCJV pays JPL the sum of RM351,929.25 being JPL’s legal costs and other expenses incurred in the Arbitration; and
  5. That CCJV pays JPL post-award interest at the rate of 5% per annum on the sum of RM52,076,296.12 from the date of the Award to the date of final payment.

The Award is expected not to have any material effect on the earnings, net assets and gearing of MMC Group for the financial year ending 31 December 2021.

None of the Directors or major shareholders of MMC or persons connected with them has any interest, direct or indirect, in the Award.

This announcement is dated 16 April 2021.






Announcement Info

Company Name MMC CORPORATION BERHAD
Stock Name MMCCORP
Date Announced 16 Apr 2021
Category General Announcement for PLC
Reference Number GA1-16042021-00048




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