KLSE (MYR): AWC (7579)
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martinbartesque
1,547 posts
Posted by martinbartesque > 2019-04-01 20:00 | Report Abuse
MATERIAL LITIGATION AWC BERHAD ("AWC" OR "THE COMPANY") MATERIAL LITIGATION PURSUANT TO PARAGRAPH 9.04(F) OF THE BURSA MALAYSIA SECURITIES BERHAD MAIN MARKET LISTING REQUIREMENTSAWC BERHAD
TypeAnnouncementSubjectMATERIAL LITIGATION
DescriptionAWC BERHAD ("AWC" OR "THE COMPANY") MATERIAL LITIGATION PURSUANT TO PARAGRAPH 9.04(F) OF THE BURSA MALAYSIA SECURITIES BERHAD MAIN MARKET LISTING REQUIREMENTS
Reference is made to our announcements dated 20 September 2018,1 November 2018, 14 December 2018 and 22 February 2019 respectively, of which the abbreviations and definitions used herein shall have the same meanings as defined in the previous announcements.
The Board of Directors of AWC wishes to update that the a Consent Judgment has been recorded on 1 April 2019 among Parties for the Writ Summons and Statement of Claim by QDT against BUCG.
The summary of the Consent Judgment is as follows:
a) In full and final settlement of the QDT's claim and BUCG's counterclaim, BUCG shall pay to QDT a sum of RM805,757.02 (which sum includes the payment of GST amounting to RM5,757.02) by way of two (2) equal instalments of RM402,878.51 each , wherein the same shall be paid on 30 April 2019 and 30 May 2019 respectively;
b) Whereof if BUCG fails to satisfy the 1st Installment on or before 30 April 2019, then the entire sum amounting to RM805,757.02 shall become due and payable immediately whereupon QDT shall have the liberty to commence execution proceedings;
c) BUCG shall not have the liberty to file any claim against QDT howsoever and whensoever arising from the Project, the Letter of Award or for all causes of action therefrom;
d) QDT shall not have the liberty to file any claim against BUCG howsoever and whensoever arising from the Project and the Letter of Award or for all causes of action therefrom save and except where BUCG failed to make full payment of RM805,757.02 to QDT in accordance with the terms as stated in (a) above.
e) QDT shall further provide full cooperation to BUCG to finalise the Final Account;
f) There is no admission of liability by both Parties; and
g) Both Parties will bear their own cost respectively.
This announcement is dated 1 April 2019.
Announcement InfoCompany NameAWC BERHADStock NameAWCDate Announced01 Apr 2019CategoryGeneral Announcement for PLCReference NumberGA1-27032019-00024