Report
Malaysian Resources Corporation Bhd
Level 20, 1 Sentral, Jalan Travers
Kuala Lumpur Sentral
Phone: +60 327868080p:+60 327868080 KUALA LUMPUR, 50470  Malaysia Ticker: MRCBMRCB


MRCB gets final award on cost in dispute with George Kent


KUALA LUMPUR: Malaysian Resources Corp Bhd (MRCB) said it has received the final award on costs concerning its dispute with George Kent (Malaysia) Bhd.

Yesterday, George Kent was ordered by the Asian International Arbitration Centre to pay MRCB RM2.08 million plus S$70,458.50.

The arbitration settlement was about a breach of a shareholders’ agreement by George Kent concerning its joint-venture company with MRCB.

The agreement was signed on June 8, 2015, to form the joint-venture company, MRCB George Kent Sdn Bhd, on a 50:50 basis to tender for, undertake and complete the construction of the Light Rail Transit line 3 (LRT 3) from Bandar Utama, Petaling Jaya, to Johan Setia, Klang.

The dispute is about the options to secure financing for MRCB George Kent, which was set up to undertake the construction of LRT 3.

The report stated the issued and paid-up share capital of MRCB George Kent was RM10 million.

George Kent’s wholly-owned George Kent Rail Sdn Bhd and MRCB’s wholly-owned MRCB Builders Sdn Bhd each hold a 50 per cent stake in the joint-venture company.

In 2019, George Kent served the notice of arbitration to MRCB following the dispute.

On Sept 13, it was reported that MRCB was acquiring the stake owned by George Kent in the joint venture as the result of arbitration between both parties.

However, George Kent had denied that it received any offer from MRCB for the stake sale.

Meanwhile, MRCB said the process to complete the deadlock resolution between MRCB George Kent shareholders was ongoing.


Related Businesses
- - Customer

Copyright © 2021 by CreditRiskMonitor.com (Ticker: CRMZ®). All rights reserved.  You are not permitted to use this report or the information contained herein for any purpose not expressly permitted by CreditRiskMonitor.com, Inc. Except as expressly permitted by CreditRiskMonitor.com, Inc., you are not permitted, in whole or in part, to copy, alter, correct, adapt, translate, enhance, lease, sell, sublicense, assign, distribute, publish, otherwise make available to any third party, or prepare derivative works or improvements of this report or any of the information contained therein. You are not permitted to reverse engineer, disassemble, decompile, decode, or adapt the software, algorithms or other processes used to prepare this report, or otherwise attempt to derive or gain access to the source code of same. You agree not to remove, alter, obscure, combine or otherwise change any disclaimers, trademarks, copyrights, other intellectual property rights, proprietary rights, or other symbols, notices, marks, or serial numbers on or relating to any copy of the report or on marketing or other materials that CreditRiskMonitor.com, Inc. may provide to you. You will not use this report in any manner or for any purpose that infringes, misappropriates, or otherwise violates any right of any party, or that violates any applicable law.  
The FRISK® scores, agency ratings, credit limit recommendations and other scores, analysis and commentary are opinions of CreditRiskMonitor.com, Inc. and/or its suppliers, not statements of fact, and should be one of several factors in making credit decisions.  Any reliance you place on the information in this report is strictly at your own risk. Except as expressly provided by CreditRiskMonitor.com, Inc., no warranties or representations of any type, including without limitation of results to be obtained, merchantability or fitness for a particular purpose, are made concerning any part of CreditRiskMonitor.com, Inc.’s service, including without limitation the FRISK® scores.  The information published above has been obtained from sources CreditRiskMonitor considers to be reliable.  CreditRiskMonitor.com, Inc. and its third-party suppliers do not guarantee or validate the accuracy and completeness of the information provided in this report, the underlying information input to create the FRISK® scores, and specifically do not assume responsibility for not reporting any information omitted or withheld.  By using this website, you accept the Terms of Use Agreement
Contact Us: 845.230.3000
Fundamental financial data concerning public companies may be provided by Refinitiv (click for restrictions)
Thursday, October 21, 2021