MATERIAL LITIGATION WZ Satu Berhad (“the Company” or “WZ Satu”) – Notice of Adjudication under the Construction Industry Payment & Adjudication Act 2012 by WZS Misi Setia Sdn. Bhd. against Petrofac E&C Sdn. Bhd.

Reference Number : GA1-04032019-00087

Company Name Stock Name Date Announced
WZ SATU BERHAD WZSATU 04 MAR 2019
WZ SATU BERHAD

 

Type Announcement
Subject MATERIAL LITIGATION
Description WZ Satu Berhad (“the Company” or “WZ Satu”) – Notice of Adjudication under the Construction Industry Payment & Adjudication Act 2012 by WZS Misi Setia Sdn. Bhd. against Petrofac E&C Sdn. Bhd.
Pursuant to paragraph 9.04 (g) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of the Company wishes to announce that WZS Misi Setia Sdn. Bhd. (“WZS Misi Setia”), a wholly-owned subsidiary of the Company had on 25 February  2019 issued and served the following notice against Petrofac E&C Sdn. Bhd.  (“PECSB”):-

Notice of Adjudication under Sections 7 and 8 of the Construction Industry Payment & Adjudication Act 2012 in an amount of RM20,542,893.79

The aforesaid Notice was issued pursuant to the Notice of Demand dated 29 January 2019 served to PECSB in an amount of RM20,542,893.79 in respect of the outstanding payment and interest due for the work done under the Contract ref RAPID/CTC/07-2013-P4. PIPING ERECTION WORKS RELATED TO EPCC OF ARU, SRU, SWS, LSSU & SSU UNITS FOR RAPID PROJECT PKG 4 PRPC REFINERY & CRACKERS SDN BHD MALAYSIA.

The aforesaid Adjudication proceedings are not expected to have any material financial and operational impact on WZ Satu for the financial year ending 31 August 2019 since the abovementioned amounts have been accrued for in the financial statements.

None of the Directors or major shareholders of WZ Satu or persons connected to them has any interest, direct or indirect, in the Adjudication proceedings.

Further announcement on the material development of the above matter will be made to Bursa Malaysia Securities Berhad from time to time.

This announcement is dated 4 March 2019.