MATERIAL LITIGATION Citaglobal Berhad ("CITAGLOBAL" or "the Company") - Update on Adjudication under the Construction Industry Payment & Adjudication Act 2012 ("CIPAA") by Proweld Engineering Sdn. Bhd. ("PESB") against Citaglobal Energy Sdn. Bhd.
| CITAGLOBAL BERHAD |
| Type | Announcement |
| Subject | MATERIAL LITIGATION |
| Description | Citaglobal Berhad ("CITAGLOBAL" or "the Company") - Update on Adjudication under the Construction Industry Payment & Adjudication Act 2012 ("CIPAA") by Proweld Engineering Sdn. Bhd. ("PESB") against Citaglobal Energy Sdn. Bhd. |
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Further to the Company’s announcements made on 27 July 2022, 6 December 2022, 2 February 2023, 24 February 2023 and 28 July 2023 as well as the updates via the quarterly results, CITAGLOBAL wishes to inform that the Court of Appeal (“COA”) had dismissed the setting aside application by Citaglobal Energy Sdn. Bhd. (“Citaglobal Energy”) with costs (“Decision”). The Decision is not expected to have any material financial impact or operational impact on the Company for the financial year ending 31 December 2024. The adjudicated award sum of RM1,243,088.58 was deposited by Citaglobal Energy to PESB’s solicitors as the stakeholders as a condition for the Stay of Execution granted by the High Court of Shah Alam on 6 November 2023. Citaglobal Energy is seeking legal advice whether to further appeal on the Decision. Further announcement will be made to Bursa Malaysia Securities Berhad as and when there are material developments on the above matter. This announcement is dated 1 August 2024. |
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Announcement Info
| Company Name | CITAGLOBAL BERHAD |
| Stock Name | CITAGLB |
| Date Announced | 01 Aug 2024 |
| Category | General Announcement for PLC |
| Reference Number | GA1-01082024-00041 |