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MATERIAL LITIGATION LEGAL PROCEEDINGS BETWEEN PENANG PORT SDN BHD, PRASARANA MALAYSIA BERHAD AND RAPID FERRY SDN BHD

MMC CORPORATION BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
LEGAL PROCEEDINGS BETWEEN PENANG PORT SDN BHD, PRASARANA MALAYSIA BERHAD AND RAPID FERRY SDN BHD

MMC Corporation Berhad (“MMC”) wishes to announce that Penang Port Sdn Bhd (“PPSB”), a wholly-owned subsidiary of MMC Port Holdings Sdn Bhd, which in turn is a wholly-owned subsidiary of MMC, has been informed by its solicitors today that Prasarana Malaysia Berhad (“Prasarana”) and Rapid Ferry Sdn Bhd (“Rapid Ferry”) have today served their counterclaims against PPSB in a civil suit in the Kuala Lumpur High Court (“the KLHC Civil Suit”). The counterclaims are pursuant to the KLHC Civil Suit dated 30 August 2021, in which PPSB claims against Prasarana and Rapid Ferry the sum of RM12,634,696.18, with interest at the rate of 5% per annum  from the date of filing of action until the date of full and final settlement, and costs,  premised on the operational and transitional assistance provided by PPSB to Prasarana and Rapid Ferry with regard to ferry operations linking Pangkalan Raja Tun Uda in George Town to Pangkalan Sultan Abdul Halim in Butterworth.

In their counterclaims against PPSB:

a. Prasarana claims a sum of RM30,000,000.00 for the purported operational loss under a Business and Asset Purchase Agreement dated 22 December 2016, with interest at the rate of 5% per annum from such date as deemed appropriate by the High Court, and costs; and

b. Rapid Ferry claims a sum of RM119,941.17 for the purported amount payable for ferry coupons, with interest at the rate of 5% per annum from such date as deemed appropriate by the High Court, and costs.

PPSB will take steps to defend itself and oppose the counterclaims.

The counterclaims by Prasarana and Rapid Ferry are 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 the major shareholders of MMC or persons connected with them has any interest, direct or indirect, in the KLHC Civil Suit.

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

This announcement is dated 18 November 2021.






Announcement Info

Company Name MMC CORPORATION BERHAD
Stock Name MMCCORP
Date Announced 18 Nov 2021
Category General Announcement for PLC
Reference Number GA1-18112021-00079




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