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MATERIAL LITIGATION WITHDRAWAL OF ARBITRATION PROCEEDINGS BY SALCON MMCB AZSB JV SDN. BHD. ("SMAJV") AGAINST PENGURUSAN ASET AIR BERHAD ("PAAB")

MMC CORPORATION BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
WITHDRAWAL OF ARBITRATION PROCEEDINGS BY SALCON MMCB AZSB JV SDN. BHD. ("SMAJV") AGAINST PENGURUSAN ASET AIR BERHAD ("PAAB")

We refer to our announcements of 17 April 2014, 26 August 2020, 28 September 2020 and 1 October 2020. 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 SMAJV has been notified by its solicitors today that SMAJV’s claims and PAAB’s counterclaims in respect of the arbitration proceedings commenced by the Arbitration Notice dated 26 August 2020, relating to the works performed by SMAJV in respect of the development of the Langat 2 Water Treatment Plant and Water Reticulation System in Selangor Darul Ehsan/Wilayah Persekutuan Kuala Lumpur, have been respectively withdrawn, resulting in the withdrawal of the arbitration proceedings (“Withdrawal of the Arbitration Proceedings”).

The Withdrawal of the Arbitration Proceedings 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 Arbitration Proceedings.

This announcement is dated 23 July 2021. 






Announcement Info

Company Name MMC CORPORATION BERHAD
Stock Name MMCCORP
Date Announced 23 Jul 2021
Category General Announcement for PLC
Reference Number GA1-23072021-00051




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