Reference is made to the Company’s announcement dated 25 March 2019 pertaining to the Notice of Arbitration received by the Company’s 70% owned joint-controlled company, Segi Astana Sdn Bhd (“SASB”) and the Company’s wholly owned subsidiary, WCT Berhad (“WCTB”), from Malaysia Airports Holdings Berhad (“MAHB”).

The Board of Directors of WCT wishes to announce that the Company has today received the Arbitrator’s final award, where the Arbitrator has issued the following orders:

1. A declaration that Fixed Monthly Charges for chilled water for the cooling system of the KLIA-2 Integrated Complex at the rate of RM958,849.33 per month is payable by SASB to MAHB on a monthly basis for 2.5.2014 to September 2020 (amounting to RM73,832,398.41). 
2. An order for specific performance of SASB’s obligations under clause 8.1(d) of the Concession Agreement (where SASB is to procure chilled water from MAHB’s privatized chilled water supplier, Airport Cooling Energy Supply Sdn Bhd (“ACES”).
3. Consequent to 2. above, SASB to pay RM73,832,398.41 to ACES.
4. SASB to pay MAHB RM894,072 for legal, arbitral and other related costs incurred.
5. SASB to pay 5% per annum interest on all sums payable by SASB to MAHB. 

In addition to the above, the Arbitrator also made the following ruling:

1. All claims by MAHB against WCTB are dismissed;
2. No late payment interest is payable on the amount of RM73,832,398.41 payable by SASB to ACES.

As a result of the above final award, the Group will share an additional loss in its joint venture of approximately RM28 million for the financial year ended 31 December 2020.

The Board is currently seeking further legal advice on the above final award and subject to legal advice to be received, will consider all its legal rights and remedies in respect of the same.

This announcement is dated 2 April 2021.