KUALA LUMPUR (Feb 21): Mudajaya Group Bhd (KL:MUDAJYA) said it has filed a winding-up petition against THB Power Sdn Bhd over RM60.63 million in outstanding payment for construction work. 

The filing against the independent power producer was filed in the Kuala Lumpur High Court on Feb 17, according to Mudajaya in a bourse filing on Friday. The payment owed was for site preparation work completed for THB Power’s 1,200-megawatt gas-fired plant in Gurun, Kedah.

Case management for the winding-up petition is fixed for March 19, with the hearing fixed for June 11.

The winding-up petition follows an adjudication decision dated April 25, 2024, and a supplemental settlement agreement dated Oct 8, 2024, Mudajaya said. Details of the adjudication and settlement agreement were not disclosed.

Mudajaya secured the contract from THB Power for earthworks for the plant back in June 2022. The contract’s total value was RM104.47 million.

Shares of Mudajaya ended unchanged at 10.5 sen on Friday, valuing the company at RM266.34 million, ahead of the announcement.