Euro Holdings Berhad ("EURO" or the "Company") Adjudication proceedings registered as KLRCA Adjudication No. ADJ-1376-2016 ("Adj. 1376") between Tack Yap Construction (M) Sdn Bhd ("Tack Yap") and Euroland & Development Sdn Bhd ("Euroland")
Reference is made to the Company’s announcement dated 29 June 2018.
Following the decision set for 18 July 2018 in respect of the applications to enforce, set aside and stay the Adjudication Decision pursuant to CIPAA 2012 filed by Tack Yap Construction (M) Sdn Bhd (“Tack Yap”) against Euroland & Development Sdn Bhd (“Euroland”), the Board of Directors of EURO wishes to announce that the Court had ordered the following:-
1. Striking out application dismissed as there was no breach of natural justice or excess of jurisdiction by the adjudicator. Cost of RM5,000.00 to be paid by Euroland.
2. Enforcement of adjudication decision allowed. Cost of RM5,000.00 to be paid by Euroland.
3. Stay application - Partial stay pending the civil suit is granted subject to the following terms:-
3.1) 50% of adjudicated sum to be paid to Tack Yap within 10 working days from date of decision.
3.2) 50% of adjudicated sum to be paid to Tack Yap’s solicitors account as stakeholders and to be released after the disposal of the civil suit.
3.3) Cost of RM5,000.00 to be paid by Euroland.
4. If payment is not made within 10 working days, enforcement will be allowed for the entire adjudicated sum.
5. 10 working days will expire on 1 August 2018.
Further announcements to Bursa Malaysia Securities Berhad on any material development on the above will be made in due course.
This announcement is dated 27 July 2018.
|Company Name||EURO HOLDINGS BERHAD|
|Date Announced||27 Jul 2018|
|Category||General Announcement for PLC|