Bursa Announcements

Date: 15 October 2018

MATERIAL LITIGATION ECONPILE HOLDINGS BERHAD - Notice of Arbitration by IRDK Ventures Sdn Bhd ("IRDK") against Econpile (M) Sdn. Bhd. ("EMSB"), a Wholly-Owned Subsidiary of Econpile Holdings Berhad ("Econpile")


Type Announcement
Subject MATERIAL LITIGATION
Description ECONPILE HOLDINGS BERHAD - Notice of Arbitration by IRDK Ventures Sdn Bhd ("IRDK") against Econpile (M) Sdn. Bhd. ("EMSB"), a Wholly-Owned Subsidiary of Econpile Holdings Berhad ("Econpile")

Reference is made to the Company's announcement dated 8 October 2015 and 15 July 2016, in respect of the contract awarded by IRDK to EMSB vide the letter of award dated 8 October 2014, for piling works for a project known as Cadangan Pembangunan Kondominium Yang Mengandungi 2 Blok Menara Kondominium 23 Tingkat, 1 Blok Podium Tempat Letak Kereta Dan 28 Unit Link Villa 4 Tingkat Di Atas Lot PT 8790, Pusat Bandar Puchong, Daerah Petaling, Selangor Darul Ehsan for the total contract sum of RM8,730,000 only.

The Board of Directors of Econpile wishes to announce that EMSB had on 5 October 2018 been awarded a sum of RM3,841,087.81 together with interests and costs, in relation to the Final Award (Ex-Parte) in the Arbitration proceedings received on 11 October 2018.

Any further material development of the above matter will be announced in due course.

The above does not have a material impact on the earnings and the net assets of Econpile for the financial year ending 30 June 2019.

This announcement is dated 15 October 2018.

 





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