DANCO

0.600

+0.015 (+2.6%)

MATERIAL LITIGATION DANCOMECH HOLDINGS BERHAD ("DANCOMECH" OR "COMPANY") - ARBITRATION CLAIM BY SGV BUILDERS SDN BHD ("CLAIMANT") AGAINST DANCOMECH ENGINEERING SDN BHD ("DESB") ("ARBITRATION CLAIM")

DANCOMECH HOLDINGS BERHAD

Type Announcement
Subject MATERIAL LITIGATION
Description
DANCOMECH HOLDINGS BERHAD ("DANCOMECH" OR "COMPANY")
-	ARBITRATION CLAIM BY SGV BUILDERS SDN BHD ("CLAIMANT") AGAINST DANCOMECH ENGINEERING SDN BHD ("DESB") ("ARBITRATION CLAIM")

Unless otherwise defined, the defined terms used in this announcement shall carry the same meaning as those defined in our announcements dated 26 March 2021 and 1 April 2021 in relation to the Arbitration Claim (“Announcements”).

 

Reference is made to our Announcements pertaining to the Arbitration Claim.

 

The Board of Directors of Dancomech wishes to announce that our wholly-owned subsidiary, DESB, has on 5 April 2021, via its solicitors, paid RM1,108,204.79 to the Claimant via Messrs Gan Partnership, acting for the Claimant, for the Final Award.  The amount paid of RM1,108,204.79 is lower than the amount claimed by the Claimant of RM1,142,837.19, given that there were nine (9) days of hearing cancellation not attributed to DESB and DESB has via its solicitors sought clarification from the arbitrator on the costs for these cancelled dates, which such clarification is still pending. Nevertheless, DESB has made the payment of RM1,108,204.79 after deducting the cost of the cancelled hearing dates.

 

This announcement is dated 5 April 2021.






Announcement Info

Company Name DANCOMECH HOLDINGS BERHAD
Stock Name DANCO
Date Announced 05 Apr 2021
Category General Announcement for PLC
Reference Number GA1-05042021-00119