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BackMar 31, 2017
Type Announcement
Subject OTHERS
Description

NOTICE OF ARBITRATION FROM MALAYSIA AIRPORTS HOLDINGS BERHAD TO HSSI INTEGRATED SDN BHD PURSUANT TO SECTION 20 OF THE MEMORANDUM OF AGREEMENT DATED 13 APRIL 2010

Further to Malaysia Airports Holdings Berhad (the Company or MAHB)’s announcement on 22 December 2016 with regard to the Notice of Arbitration issued to HSS Integrated Sdn Bhd (HSSI), the Company wishes to announce that MAHB and HSSI have principally agreed to a settlement whereby HSSI will pay MAHB RM1,500,000.00 (Settlement Sum) on a without admission of liability basis,  towards the claims under the Notice of Arbitration. The settlement was reached via the negotiation and/or mediation process between the parties as the parties have mutually agreed to withhold the arbitration proceeding. In light of this settlement, MAHB will withdraw the Notice of Arbitration against HSSI.

 

After weighing all circumstances, the Company, upon the advice from its solicitors, we are of the view that the amicable settlement is to the best interest of the Company.

 

The amicable settlement is not expected to have any material impact on the financial and operational position of the Company.

 

Any further updates in respect of any material development will be made from time to time.

 

This announcement is dated 31 March 2017.





Announcement Info

Company Name MALAYSIA AIRPORTS HOLDINGS BERHAD
Stock Name AIRPORT
Date Announced 31 Mar 2017
Category General Announcement for PLC
Reference Number GA1-31032017-00111