Bursa Announcements

Date : 15 July 2016

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

ECONPILE HOLDINGS BERHAD

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

Reference is made to the Company’s announcement dated 8 October 2015 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.

EMSB on 5 June 2015 had served a Notice of Adjudication dated 3 June 2015, in accordance with the Construction Industry Payment and Adjudication Act 2012 (“CIPAA”) against IRDK to refer the disputes arising from EMSB’s Payment Claim for the Contract.  EMSB have then proceeded with the Adjudication claim.

The Company wishes to announce that EMSB had on 11 July 2016, received a sum of RM2,033,225.03 being the judgement sum together with interest and costs awarded to EMSB in relation to the adjudication decision on 30 October 2015.

The above does not have a material impact on the earnings and the net assets of ECONPILE for the financial year ending 30 June 2017.

This announcement is dated 15 July 2016.






Announcement Info

Company Name ECONPILE HOLDINGS BERHAD
Stock Name ECONBHD
Date Announced 15 Jul 2016
Category General Announcement for PLC
Reference Number GA1-15072016-00013


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