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

WCT HOLDINGS BERHAD

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

Reference is made to the Company’s announcement dated 25 March 2019 pertaining to the Notice of Arbitration served by the Company’s 70% owned joint-controlled company, Segi Astana Sdn Bhd (“SASB”) on Malaysia Airports Holdings Berhad (“MAHB”) in respect of losses and damages suffered pertaining to, inter alia, the delay in the commencement of the commercial operation of the KLIA-2 Integrated Complex.

The Board of Directors of WCT wishes to announce that the Company had on 22 November 2022 received the Arbitral Tribunal’s final award, where the Tribunal has issued the following orders:

  1. MAHB to pay SASB RM4,597,854-00 as damages within 30 calendar days of the date of the Tribunal’s final award.   
  2. MAHB to pay SASB an interest at the rate of 5% per annum on the said sum of RM4,597,854-00 from the date of the Notice of Arbitration of 21 March 2019 until the date when SASB receives the awarded sum of RM4,597,854-00 in full. 
  3. MAHB to pay SASB RM1,300,000-00 for legal, arbitral and other related costs incurred.

This announcement is dated 23 November 2022.






Announcement Info

Company Name WCT HOLDINGS BERHAD
Stock Name WCT
Date Announced 23 Nov 2022
Category General Announcement for PLC
Reference Number GA1-23112022-00070



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