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OTHERS WCT Holdings Berhad ("WCT" or "the Company") Arbitration between Malaysia Airports Holdings Berhad, Segi Astana Sdn Bhd and WCT Berhad

WCT HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description
WCT Holdings Berhad ("WCT" or "the Company")
Arbitration between Malaysia Airports Holdings Berhad, Segi Astana Sdn Bhd and WCT Berhad

Reference is made to the Company’s announcement dated 2 & 5 April 2021 pertaining to the Arbitrator’s Final Award in relation to the arbitration proceedings by Malaysia Airport Holdings Berhad (“MAHB”) against Segi Astana Sdn Bhd (“SASB”) (a joint-controlled company jointly owned by the Company and MAHB on 70:30 basis) and WCT Berhad (“WCTB”) (a wholly owned subsidiary of the Company).  

 

The Board of Directors of WCT wishes to announce that SASB had filed an application to the High Court to set aside the Arbitrator’s Final Award (“SASB’s Application”) while MAHB filed in its application to recognise the Final Award (“MAHB’s Application”). The High Court heard both applications together and had on 1 September 2021 dismissed SASB’s Application and allowed MAHB’s Application (“Decision”), with costs.

 

The Board is currently seeking further legal advice on the above Decision and subject to legal advice to be received, will consider all its legal rights and remedies in respect of the same.

 

This announcement is dated 2 September 2021.






Announcement Info

Company Name WCT HOLDINGS BERHAD
Stock Name WCT
Date Announced 02 Sep 2021
Category General Announcement for PLC
Reference Number GA1-02092021-00086




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