Type | Announcement |
Subject | OTHERS |
Description |
ARBITRATION PROCEEDING BY EKOVEST CONSTRUCTION SDN BHD AGAINST SAMLING RESOURCES SDN BHD |
We refer to our announcement dated 6 January 2017 and 5 June 2018 in relation to the above matter.
Ekovest Berhad (“Ekovest”) wishes to announce that our wholly-owned subsidiary, Ekovest Construction Sdn Bhd (“ECSB”), had served a Notice of Arbitration to commence arbitration proceedings against Samling Resources Sdn Bhd (“SRSB”) (“Arbitration Proceedings”) and had on 2 July 2019 filed a Statement of Case in relation to the Arbitration Proceedings.
ECSB's claim in the Arbitration Proceedings is premised on:-
in which ECSB claims for general damages, interest and costs to be determined by the arbitrator.
The Arbitration commenced by ECSB is not expected to have any material impact on the earnings, net assets and gearing of Ekovest and its subsidiaries (“Ekovest Group”) for the financial year ending 30 June 2020. The Arbitration is also not expected to have material operational impact on Ekovest Group.
None of the directors or the major shareholders of Ekovest or persons connected with them have any interest, direct or indirect, in the aforesaid Arbitration Proceedings.
Company Name | EKOVEST BERHAD |
Stock Name | EKOVEST |
Date Announced | 03 Jul 2019 |
Category | General Announcement for PLC |
Reference Number | GA1-02072019-00074 |