KUALA LUMPUR: MMC Corporations Bhd's subsidiary Southern Water Technology Sdn Bhd has been served with a winding up petition over an arbitration award of RM10.87mil by Suria 2000 Sdn Bhd.
MMC said on Wednesday the petition was for the recognition and enforcement of a High Court order dated May 8, 2017 for the award dated Oct 27, 2016 totaling RM10.87mil. The award also included interest at the rate of 5% per annum from Oct 27, 2016 until full realisation of the award.
“The winding up proceedings arose from the non-payment of the award by Southern Water Technology.
“Southern Water Technology disputes the award and its appeals against the enforcement of the award and in respect of its application to set aside the award are currently pending hearing at the Court of Appeal,” it said.
MMC said the winding up proceedings were not expected to have any significant financial and operational impact on the MMC Group for the financial year ending Dec 31, 2017.
“No material loss is expected to arise from the winding up proceedings,” it said.
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