KUALA LUMPUR (Jan 16): Mudajaya Group Bhd says the decision in an adjudication process will have a negative impact of RM98.35 million on its earnings for the year ended Dec 31, 2016, as the amount has been recognised as revenue in prior years.
The group's wholly-owned subsidiary, Mudajaya Corporation Bhd (MCB), had commenced adjudication proceedings against CMC Machipex Sdn Bhd in October 2015 for a principal sum of RM175.3 million together with late payment interest and cost.
MCB sought payment claim for work done and due to non-payment by CMC. CMC admitted some of the claims and in turn made a counterclaim in the form of a set-off in the amount of RM61.8 million.
"MCB intends to pursue this claim matter in accordance to the provisions of the subcontract agreement which includes negotiations via Dispute Adjudication Board and arbitration," it said.
Mudajaya said it will make the necessary announcement as and when there is a material development on the matter.
Mudajaya's share price closed unchanged at 89 sen today, giving the group a market capitalisation of RM479.2 million.
I heard the machine is already in operation. Why are they not releasing the good news? Is Mudajaya trying to sell the power plant and that's why don't want to release any news about the power plant?
maybe this is one of strategy... come out with bad news during weak market... after market recover... people will lupa that bad story... so market will focus on good news only which will push price higher... haha...
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johnny cash
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Posted by johnny cash > 2016-12-29 10:37 | Report Abuse
kevin can also reply to my whatsapp, +60193629402