Scomi Group Bhd surprised investors when it proposed to revise its current issued share capital reduction from RM224.96mil to RM3mil from the earlier RM40mil.
KUALA LUMPUR: Bina Puri Holdings Bhd
’s subsidiary has won an arbitration case against the Pakistan National Highway Authority (NHA) over the termination of a concession agreement dated jan 16, 2012
Bin Puri said Bina Puri Pakistan Private Ltd had won the case involving the construction of a 136km motorway under the build-operate-transfer for a contract value of 24.93bil Pakistan rupees (RM864mil).
The contract was for the expansion of the existing four-lane Karachi-Hyderabad superhighway into a six-lane motorway (M-9).
To recap, on April 23, 2013, the High Court of Sindh referred the dispute to two arbitrators.
The matter was subsequently referred to the umpire on Sept 27, 2018 upon difference of opinion between the arbitrators.
In the latest development, on March 27, 2019, the umpire held in its decision to allow Bina Puri Pakistan’s claims against NHA with a declaration that the termination notice issued by NHA was an unlawful repudiation and breach of the concession agreement.
“With the decision by the umpire, Bina Puri Pakistan will be entitled to the actual pre-development cost and actual development cost to be determined by joint auditor.
“Bina Puri Pakistan shall apply to enforce the arbitration award and will make the necessary announcement in due course,” Bina Puri said.
