MTDACPI

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MATERIAL LITIGATION MTD ACPI ENGINEERING BERHAD ("MTD ACPI" or the "Company") IN THE MATTER OF ARBITRATION BETWEEN MTD CONSTRUCTION SDN BHD V. KERAJAAN MALAYSIA ("ARBITRATION")

MTD ACPI ENGINEERING BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
MTD ACPI ENGINEERING BERHAD ("MTD ACPI" or the "Company")
IN THE MATTER OF ARBITRATION BETWEEN MTD CONSTRUCTION SDN BHD V. KERAJAAN MALAYSIA ("ARBITRATION")

We refer to the announcement dated 15 October 2019 made by MTD ACPI pursuant to the final award save as to costs dated 13 September 2019 (“Final Award”) in relation to the arbitration proceedings between MTD Construction Sdn Bhd (“MTDC”) against Kerajaan Malaysia (“Respondent”) [“Arbitration”].

 

For consistency, the abbreviations used hereinafter throughout this announcement shall have the same meaning as defined in the preceding announcement unless stated otherwise.

 

MTD ACPI wishes to announce that MTDC had been informed by its solicitors on 2 November 2020 that it had received a sum of RM20,854,964.97 on 15 October 2020 from the Respondent, being the settlement of the Final Award.

 

In view of the payment received, the Company will recognise it as other income. The recognition of such other income will be subject to income tax.

 

This announcement is dated 3 November 2020.






Announcement Info

Company Name MTD ACPI ENGINEERING BERHAD
Stock Name MTDACPI
Date Announced 03 Nov 2020
Category General Announcement for PLC
Reference Number GA1-03112020-00088