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.

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Friday, December 9, 2022