KLSE (MYR): KGB (0151)
You're accessing 15 mins delay data. Turn on live stream now to enjoy real-time data!
Last Price
3.01
Today's Change
-0.01 (0.33%)
Day's Change
2.97 - 3.06
Trading Volume
858,500
2024-09-02
2024-09-02
2024-08-30
2024-08-30
2024-08-30
2024-08-29
2024-08-29
2024-08-28
2024-08-28
2024-08-23
2024-08-22
2024-08-21
excelyou
1,255 posts
Posted by excelyou > 2017-03-01 14:20 | Report Abuse
The Board of Directors of Kelington wishes to announce that on 28 February 2017 Kelington Technologies Sdn. Bhd. (Company No.: 562280-U”) (“KTSB”), a wholly owned subsidiary of Kelington served a Notice of Adjudication to Biocon Sdn. Bhd. (Company No. 930330-U) (“Biocon”) in accordance with Section 7 and 8 of Construction Industry Payment & Adjudication Act 2012 (“CIPAA”) to seek following reliefs or remedies from Biocon:-
Payment amounting to RM5,027,062.04 (inclusive of interest and Goods and Service Tax (“GST”)) being the outstanding payment due to KTSB;
Interest on the unpaid amounts from the date of payment was due to the date full payment is received; and
All cost incurred by KTSB in referring the dispute to adjudication, including but not limited to KTSB’s claim consultant’s cost, the registration and administrative fee of Kuala Lumpur Regional Centre of Arbitration, and the adjudicator’s fee.
On 16 July 2013, KTSB was appointed by Biocon as the Contractor pursuant to three (3) Purchase Orders under reference numbers BSDN/PROJ/SV/1300063, BSDN/PROJ/SV/1300064, BSDN/PROJ/SV/1300065 dated 16th July 2013 (“Contract”) for the supply and installation of specialty gas system, clean piping and stainless steel piping work for the Biocon’s factory in Nusajaya, Johor (“Works”). The Works were completed on 4th December 2015.
On 22 December 2016, KTSB served a Payment Claim to Biocon in accordance with Section 5 of CIPAA for the sum of RM6,183,648.07 (inclusive of interest) as Biocon had failed to make payment to KTSB.
On 12 January 2017, Biocon made a partial payment of RM1,342,022.00 (exclusive of interest and GST) to KTSB.
The Board of Directors is of the view that the adjudication proceeding is not expected to have any significant operational impact on Kelington Group for the financial year ending 31 December 2017.
Depending on the outcome of the adjudication, any recovery of the claimed sum will have positive impact on the Company’s earnings and net assets for the financial years ending 31 December 2017.
The Company will make the necessary announcement on further development of this matter in due course.
The announcement is dated 28 February 2017.
CONCLUSION:
AT LEAST RM1.3 MILLION BAD DEBT RECOVERED IN 1ST QUARTER 2017.