22 March 2019
Malaysia Airports Holdings Bhd (MAHB) announced today it had yesterday received an arbitration notice from Segi Astana Sdn Bhd (SASB) whereby SASB is claiming RM70 million from MAHB for alleged losses and damages due to the delay in the commencement of commercial operations at the klia2 Integrated Complex.
In a statement to Bursa Malaysia today, MAHB said it is disputing and challenging the claims by SASB. The airport operator also said it had yesterday issued an arbitration notice against WCT Bhd and SASB to recover fixed monthly charges of RM958,849.00 for the supply of chilled water for the integrated complex’s cooling system.
“The sums are payable pursuant to clause 8.1(d) of a concession agreement between the company, WCT and SASB signed on 22 September 2011 relating to the privatisation of the development of the klia2 Integrated Complex. This was done in accordance to the company’s corporate governance and best practices in fulfilling our obligations to our shareholders.
“The company has appointed a law firm in Malaysia to represent and assist the company in the arbitration proceedings. The arbitration proceedings are not expected to have any material financial and operational impact to MAHB group or the company’s business operation. Any further updates in respect of any material development will be made from time to time,” MAHB said.
Source: www.theedgemarkets.com
Site Search
Did you find what you are looking for? Try out the enhanced Google Search: