Arbitration Proceedings By Salcon Mmcb Azsb Jv Sdn Bhd (Smajv) Against Pengurusan Aset Air Berhad ("Paab")

BackOct 02, 2020
Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-01102020-00001
Subject ARBITRATION PROCEEDINGS BY SALCON MMCB AZSB JV SDN BHD (SMAJV) AGAINST PENGURUSAN ASET AIR BERHAD ("PAAB")
Description

SALCON BERHAD ("SALCON" OR "THE COMPANY") NOTICE TO COMMENCE ARBITRATION PROCEEDINGS BY SALCON MMCB AZSB JV SDN BHD AGAINST PENGURUSAN ASET AIR BERHAD
Query Letter Contents

We refer to your Company’s announcement dated 28 September 2020, in respect of the aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

1) The date on which PAAB’s counterclaim against SMAJV (“Counterclaim”) was served on SMAJV and/or its solicitors.
2) The interest rate claimed by PAAB under its Counterclaim.
3) The estimated potential liability to Salcon Berhad group of companies arising from the Counterclaim.
4) A confirmation as to whether SMAJV is a major subsidiary of Salcon Berhad (i.e. a subsidiary which contributes 70% or more of the profit before tax or total assets employed of Salcon Berhad on a consolidated basis).
5) The total cost of Salcon Berhad’s investment in SMAJV.

6) The steps taken or proposed to be taken by SMAJV and/or Salcon Berhad in respect of the Counterclaim.

Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.

 

Yours faithfully,
Listing 
Regulation

Cc : Market Surveillance Dept. , Securities Commission (via fax)

We refer to our announcements of 17 April 2014, 26 August 2020 and 28 September 2020 (“Announcements”). Unless otherwise stated, the abbreviations used in this announcement shall have the same meaning as set out in the Announcements.

Salcon wishes to furnish the additional information as attached herewith. 

 

 Please refer attachment below.

 

Announcement Info

Company Name SALCON BERHAD
Stock Name SALCON
Date Announced 02 Oct 2020
Category General Announcement for PLC
Reference Number GA1-01102020-00035

Attachments

  1. Reply_Query__Respond_of_Notice_of_Arbitration_from_PAAB.pdf (Size: 120,104 bytes)