Further to the announcement made on 7 October 2024, the Board of Directors of GDB wishes to inform that GDBSB, has previously commenced adjudication proceedings on 4 October 2024 against DCSB by issuance of a Notice of Adjudication.

GDBSB has been notified by its solicitors that the Adjudication Decision dated 17 February 2025 under the CIPAA 2012 [AIAC Reference No: AIAC/D/ADJ-5612-2024] has been released and received on 17 February 2025 (“Adjudication Decision”).  Based on the Adjudication Decision, the Adjudicator has determined and delivered his decision in favour of GDBSB, brief details of the Adjudication Decision are as follows:- 

(a)    The Respondent to pay to the Claimant the sum of RM82,673,486.57;

(b)    The Respondent to pay to the Claimant simple interest on the sum of RM5,934,233.09 at Maybank Base Lending Rate plus 1% calculated from 17 October 2023 to the date of full settlement;

(c)    The Respondent to pay to the Claimant simple interest on the sum of RM76,551,447.20 at Maybank Base Lending Rate plus 1% calculated 21 days from the date of the Adjudication Decision is served on DCSB by GDBSB, up to the date of full settlement;

(d)    The Respondent to pay to the Claimant the sum of RM158,844.80 being the costs of the Adjudication Proceedings.

Further announcements will be made to Bursa Malaysia Securities Berhad as and when there are material developments in relation thereof.


This announcement is dated 18 February 2025.