(Unless otherwise defined, the defined terms used in this announcement shall carry the same meaning as those defined in our announcements dated 16 June 2023, 15 August 2023 and 21 August 2023 in relation to the Adjudication Application (“Announcements”)). 

We refer to our Announcements pertaining to the Adjudication Application. 

The Board of Directors of Dancomech wishes to announce that its 55.0%-owned subsidiary, Arah Edar, has on 28 November 2023, via its solicitors, received a copy of the adjudication review determination dated 28 November 2023 (“ARD”) from the SMC.

In the ARD, the review adjudicators have determined the following:

(a) SHDB shall pay SGD318,632.84 (exclusive of GST) to Arah Edar.

(b) The interest on SGD318,632.84 (exclusive of GST) shall be payable by SHDB to Arah Edar if the said amount is not paid within seven (7) days after service of the ARD on SHDB. Interest shall accrue from the date payment of the said amount is due until the date of payment, at the contractual rate (if any) or in the absence of such contractual rate, at the rate of 5.33% per annum for any part of the said amount which remains unpaid until the entire amount is paid.

(c) The cost of the adjudication review application amounting to SGD44,928.00 (including 8% GST), comprising the adjudication review application fee in the amount of SGD1,296.00 (including 8% GST) and the review adjudicators’ fee of SGD43,632.00 (including 8% GST), shall be borne and paid by the parties in the following proportions:

(i) Arah Edar shall bear and pay 50% of the said costs.

(ii) SHDB shall bear and pay 50% of the said costs.  

This announcement is dated 29 November 2023.