MATERIAL LITIGATION

Reference Number GA1-13122019-00055

Company Name Stock Name Date Announced
WZ SATU BERHAD WZSATU 13 Dec 2019
WZ SATU BERHAD

MATERIAL LITIGATION WZ Satu Berhad (“the Company” or “WZ Satu”) (I) Notice of Arbitration by WZS BinaRaya Sdn. Bhd. (formerly known as WZS KenKeong Sdn. Bhd.) (“WZS BinaRaya”) against Pembinaan Sahabatjaya Sdn. Bhd. (II) Notice of Adjudication under the Construction Industry Payment & Adjudication Act 2012 by WZS BinaRaya against Pembinaan Sahabatjaya Sdn. Bhd.

 

 

Type Announcement
Subject MATERIAL LITIGATION
Description WZ Satu Berhad (“the Company” or “WZ Satu”)

(I)             Notice of Arbitration by WZS BinaRaya Sdn. Bhd. (formerly known as WZS KenKeong Sdn. Bhd.) (“WZS BinaRaya”) against Pembinaan Sahabatjaya Sdn. Bhd.

(II)            Notice of Adjudication under the Construction Industry Payment & Adjudication Act 2012 by WZS BinaRaya against Pembinaan Sahabatjaya Sdn. Bhd.

(Unless otherwise stated, the definitions and terms used in this announcement shall have the same meanings as defined in the previous announcement dated 5 November 2018).

Further to the Company’s announcements made on 1 June 2018, 29 June 2018, 15 October 2018 and 5 November 2018, the Company wishes to announce that WZS BinaRaya and Pembinaan Sahabatjaya Sdn. Bhd. (“PSSB”) have resolved the disputes to the Arbitration amicably. Both parties have withdrawn their respective claims in the Arbitration without liberty to file afresh.

The Learned Arbitrator had on 12 December 2019 via a letter ordered that the arbitration be terminated with no orders as to costs between WZS BinaRaya and PSSB.

This announcement is dated 13 December 2019.