MATERIAL LITIGATION

Reference Number  : GA1-29062018-00141 

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.

 

Company Name Stock Name Date Announced
WZ SATU BERHAD WZSATU 29 JUN 2018
WZ SATU BERHAD

 

 

 

 

 

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, all definitions and terms used in this announcement shall have the same meaning as defined in the previous announcement dated 1 June 2018).

Further to the Company’s announcement made on 1 June 2018, the Board of Directors of the Company wishes to announce that WZS BinaRaya Sdn. Bhd. (formerly known as WZS KenKeong Sdn. Bhd.) (“WZS BinaRaya”), a wholly-owned subsidiary of the Company had on 29 June 2018 received a letter of demand dated 29 June 2018 from Pembinaan Sahabatjaya Sdn. Bhd. (“PSSB”) through its solicitor (“Letter of Demand”) to demand for a total sum of RM37,842,827.70 being the Liquidated and Ascertained Damages (LAD) for delay and additional costs for the rental and preparation of addition casting areas pursuant to the Letter of Award made between WZS BinaRaya and PSSB dated 9 June 2014 (“LOA”).

In view of WZS BinaRaya has served a Notice of Arbitration and Notice of Adjudication against PSSB on 1 June 2018 in connection with the LOA, WZS BinaRaya will seek advice from its solicitor on the Letter of Demand and any further development on this matter will be announced in due course.

This announcement is dated 29 June 2018.