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MATERIAL LITIGATION ARBITRATION PROCEEDINGS BY JP LOGISTICS SDN BHD AGAINST CCJV P1 ENGINEERING & CONSTRUCTION SDN BHD - APPLICATION TO SET ASIDE ARBITRAL AWARD

MMC CORPORATION BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
ARBITRATION PROCEEDINGS BY JP LOGISTICS SDN BHD AGAINST CCJV P1 ENGINEERING & CONSTRUCTION SDN BHD - APPLICATION TO SET ASIDE ARBITRAL AWARD

We refer to our announcements dated 3 April 2019, 16 December 2019, 18 December 2019 and 16 April 2021 (“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 wishes to announce that JPL, a wholly-owned subsidiary of Johor Port Berhad, which in turn is a wholly-owned subsidiary of MMC, has been notified by its solicitors today that CCJV has filed an application to set aside the Award (“the Setting Aside Application”) at the Kuala Lumpur High Court.

JPL will challenge and oppose the Setting Aside Application.

The Setting Aside Application 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 Setting Aside Application.

MMC will make further announcements if there is any material development in respect of the proceedings.

This announcement is dated 14 July 2021.






Announcement Info

Company Name MMC CORPORATION BERHAD
Stock Name MMCCORP
Date Announced 14 Jul 2021
Category General Announcement for PLC
Reference Number GA1-14072021-00050




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