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BRIEF-Mudajaya Group Bhd updates on legal proceedings

Reuters

Jan 16 (Reuters) - Mudajaya Group Bhd :

* Refers to 26 Jan 2016 announcement, regarding Mudajaya Corporation commencing proceedings against CMC Machipex Sdn Bhd

* MCB had submitted to CMC, its payment claim for works done and due to non-payment by CMC and disputes arising from the payment claims

* CMC admitted some of the claims and in turn, made a counter claim in the form of a set-off in the amount of RM61.8 million

* MCB intends to pursue claim matter in accordance to the provisions of the subcontract agreement

* Decision of adjudicator will have negative impact of RM98.35 million on earnings for FY ended 31 dec, as said amount had been recognised as revenue in prior years Source text: (http://bit.ly/2iZJIFT) Further company coverage: