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Material Litigation

BackMar 31, 2016
Type Announcement
Subject MATERIAL LITIGATION
Description

NOTICE OF ARBITRATION FROM KUALA LUMPUR AVIATION FUELLING SYSTEM SDN BHD (KAFS) SERVED ON MALAYSIA AIRPORTS (PROPERTIES) SDN BHD (MA PROPERTIES) PURSUANT TO CLAUSE 23.1 (b), 23.2 & 23.4 OF THE AIRPORT FACILITIES AGREEMENT (AFA)

Malaysia Airports Holdings Berhad (the Company) wishes to announce that its wholly owned subsidiary Malaysia Airports (Properties) Sdn. Bhd. (MA Properties) had, on 26 February 2016, received a Notice of Arbitration (Notice) from Kuala Lumpur Aviation Fuelling System Sdn. Bhd. (KAFS) regarding the alleged losses and damages pertaining to, inter alia, the changes of the Concession Period under the Airport Facilities Agreement (AFA) dated 26 September 2007.

 

The Company has obtained a preliminary view from its solicitors who consider that MA Properties has a reasonably good prospect of defending the claims as MA Properties has complied with all of the terms and conditions under the AFA.

 

As per the Notice, KAFS has yet to carry out a comprehensive evaluation on the quantum of the losses and damages.

 

The Company has instructed its solicitors to represent MA Properties in the arbitration and any further updates in respect of any material development will be made from time to time.

 

 

[This announcement is dated 31 March 2016]





Announcement Info

Company Name MALAYSIA AIRPORTS HOLDINGS BERHAD
Stock Name AIRPORT
Date Announced 31 Mar 2016
Category General Announcement for PLC
Reference Number GA1-31032016-00038