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MATERIAL LITIGATION ADJUDICATION PROCEEDINGS PURSUANT TO THE CONSTRUCTION INDUSTRY PAYMENT AND ADJUDICATION ACT 2012 BY INTEGRATED MARINE WORKS SDN BHD ("IMW") AGAINST PELABUHAN TANJUNG PELEPAS SDN BHD ("PTP")

MMC CORPORATION BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
ADJUDICATION PROCEEDINGS PURSUANT TO THE CONSTRUCTION INDUSTRY PAYMENT AND ADJUDICATION ACT 2012 BY INTEGRATED MARINE WORKS SDN BHD ("IMW") AGAINST PELABUHAN TANJUNG PELEPAS SDN BHD ("PTP")

We refer to our announcement of 28 February 2020 in respect of the above matter. Unless otherwise stated, the abbreviations used in this announcement shall have the same meaning as set out in our earlier announcement.

MMC wishes to announce that PTP, a 70%-owned subsidiary of MMC, has resolved the dispute in relation to the Contract for the Deepening of Navigation Channel at Pelabuhan Tanjung Pelepas dated 8 November 2017 with IMW and resulting thereof, IMW has withdrawn the Adjudication against PTP.

The withdrawal of the Adjudication by IMW is not expected 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 withdrawal of the Adjudication.

This announcement is dated 17 May 2021.






Announcement Info

Company Name MMC CORPORATION BERHAD
Stock Name MMCCORP
Date Announced 17 May 2021
Category General Announcement for PLC
Reference Number GA1-17052021-00057




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