Reference is made to our announcement on 17 April 2018, in relation to an arbitration initiated by Hitachi Limited (“Hitachi”) as the Claimant against Zelan Holdings (M) Sdn Bhd (“ZHSB”) in relation to Meena Plaza Mixed Use Development Project in Abu Dhabi, United Arab Emirates.

The Company would like to announce that ZHSB has on the late evening of 7 August 2019, received final award from the International Chamber of Commerce (“ICC”) dated 6 August 2019 (“Award”) ordering ZHSB to pay Hitachi inter-alia, as follows:-

(a) the sum of AED13,411,080.35;

(b) the costs and expenses in the sum of USD366,518.48;

(c) the ICC costs of the arbitration in the sum of USD127,000.00; and

(d) the interest in the sum of AED1,274,052.00.

The ICC has also ordered has follows:-

(a) ZHSB to pay interest on all the sums awarded from the date of the Award until full payment, at the simple annual rate of 9%; and

(b) All other claims and counterclaims are dismissed. 

This Announcement is dated 8 August 2019.