PUNCAK - MATERIAL LITIGATION
| Company Name | PUNCAK NIAGA HOLDINGS BERHAD |
| Stock Name | PUNCAK |
| Date Announced | 18 Feb 2013 |
| Category | General Announcement |
| Reference No | PN-130218-33291 |
| Type | Announcement |
| Subject | MATERIAL LITIGATION |
| Description | PUNCAK NIAGA HOLDINGS BERHAD (416087-U) ("PUNCAK" OR THE "COMPANY") COMMENCEMENT OF LEGAL PROCEEDINGS BY PNHB’S WHOLLY OWNED SUBSIDIARY, PUNCAK NIAGA (M) SDN BHD (“PNSB”) AGAINST GOVERNMENT OF SELANGOR DARUL EHSAN ("SELANGOR STATE GOVERNMENT") |
The Board of Directors of Puncak wishes to announce that its wholly owned subsidiary, Puncak Niaga (M) Sdn Bhd (“PNSB”) had today instituted legal proceedings against the Selangor State Government via the filing of the relevant cause papers all dated 18 February 2013 at the Kuala Lumpur High Court in relation to the Operation and Maintenance Agreement dated 7 March 2008 in respect of the Sungai Sireh Water Treatment Plant between Puncak Niaga (M) Sdn Bhd and the Selangor State Government and the Novation Agreement dated 7 March 2008 in respect of the Sungai Sireh Water Treatment Plant between PNSB, Syarikat Bekalan Air Selangor Sdn Bhd (‘SYABAS’) and the Selangor State Government (“the Agreements”). For full details of the announcement, kindly refer to the attached file. This announcement is dated 18 February 2013. | |
PUNCAK - MATERIAL LITIGATION
| Company Name | PUNCAK NIAGA HOLDINGS BERHAD |
| Stock Name | PUNCAK |
| Date Announced | 18 Feb 2013 |
| Category | General Announcement |
| Reference No | PN-130218-76CAC |
| Type | Announcement |
| Subject | MATERIAL LITIGATION |
| Description | PUNCAK NIAGA HOLDINGS BERHAD (416087-U) (“PUNCAK” OR THE “COMPANY”) ARBITRATION PROCEEDINGS BY ADP-PJI JOINT VENTURE (“ADP-PJI JV/CLAIMANTS”) AGAINST THE COMPANY’S WHOLLY OWNED SUBSIDIARY, PUNCAK NIAGA (M) SDN BHD (“PNSB/RESPONDENT”) (“ARBITRATION PROCEEDINGS”) |
We refer to the previous announcements made by Puncak on 27 February 2009, 2 March 2009, 27 April 2009, 1 June 2009, 2 November 2009, 29 January 2010, 31 March 2010, 13 May 2010, 11 June 2010, 14 July 2010, 20 July 2010, 23 August 2010, 13 September 2010, 27 September 2010, 4 November 2010, 31 March 2011 and 4 May 2011 in respect of the Arbitration Proceedings whereby ADP-PJI JV is claiming for the sum of Ringgit Malaysia Ten Million Eighty Thousand Two Hundred And One And Sen Thirty One (RM10,080,201.31) only for loss, expense and damages, disruption to progress of employment works, failure to pay the amounts certified and for works completed which have not been certified and other breaches of contract or such other sum as ADP-PJI JV may be found entitled to recover from PNSB arising from the alleged wrongful determination of ADP-PJI JV's employment. The Company would like to update the Exchange that the Arbitrator has published his Final Award dated 31 January 2013 in respect of the arbitration which was received by PNSB's solicitors today whereby the Arbitrator has, inter alia, decided as follows: (i) That the determination of the Claimants’ employment under the Contract is unlawful and invalid. (ii) That the Respondent shall pay to the Claimants the sum of Ringgit Malaysia Seven Million Nine Hundred And Seventy Thousand Nine Hundred And Five And Sen Eighty Seven (RM7,970,905.87) only ("Award Sum") of which Ringgit Malaysia Three Million Five Hundred And Fifty Two Thousand One Hundred And Seven And Sen Fifty Six (RM3,552,107.56) only and Ringgit Malaysia Three Million Two Hundred And Fifty Eight Thousand And Seventy Five And Sen Seventy Five (RM3,258,075.75) only are payment for certified works and retention monies, respectively. (iii) That the Respondent shall also pay interests to the Claimants at the rate of 8% per annum on the Award Sum from 26 December 2007. Such interests will continue to run until the actual realisation of the said payments by the Respondent. (iv) That the Respondent shall bear and pay the Claimants’ costs in the Arbitration Proceedings upon a party and party basis. (v) That the Respondent shall pay and bear the costs of the Award. (vi) That all other requests and claims of the Claimants and Respondent are rejected. PNSB is currently seeking its solicitors' advice on the next course of action to be taken in light of the Award. This announcement is dated 18 February 2013.
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KOSSAN - TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS):NON RELATED PARTY TRANSACTIONS
| Company Name | KOSSAN RUBBER INDUSTRIES BERHAD |
| Stock Name | KOSSAN |
| Date Announced | 18 Feb 2013 |
| Category | General Announcement |
| Reference No | KR-130218-64095 |
| Type | Announcement |
| Subject | TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS |
| Description | KOSSAN RUBBER INDUSTRIES BHD (48166-W) PROPOSED ACQUISITION BY PERUSAHAAN GETAH ASAS SDN BHD (89708-V), A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY, OF A PIECE OF FREEHOLD INDUSTRIAL LAND MEASURING IN AREA APPROXIMATELY 56 ACRES BEING A PORTION OF LAND HELD UNDER GERAN 47241 LOT 409, MUKIM BATANG BERJUNTAI, DAERAH KUALA SELANGOR, SELANGOR FROM MEDALLION PALMS SDN BHD FOR A TOTAL CASH CONSIDERATION OF RM35,370,720.00. |
Please refer to the attachment for the details of the transaction. | |
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