KUALA LUMPUR (April 4): KKB Engineering Bhd (KL:KKB) said it has received a favourable adjudication decision in its dispute with a contractor over outstanding claims amounting to RM10.06 million.
“The board further wishes to inform that both parties have reached an amicable settlement in respect of this matter,” KKB said in a bourse filing on Friday. However, it did not provide any further details on the terms of the settlement.
The Sarawak-based steel fabrication company had initiated the adjudication proceedings against Fook Lai Construction & Development Sdn Bhd late last year under the Construction Industry Payment and Adjudication Act.
The dispute stemmed from a sub-contract work awarded to KKB in 2022 to supply and install structural steel works for a glove factory at the Petchem Industrial Park in Tanjung Kidurong, Bintulu.
Shares of KKB closed 0.5 sen or 3.55% lower at RM1.36 on Friday, giving the company a market capitalisation of RM392.67 million.
- Yellen says sell-off in Treasuries shows US confidence loss, not dysfunction
- China suppliers mock tariffs with Nike, Lululemon deals on TikTok
- Reach Energy, Cahaya Mata, Able Global, Pestec, Bina Puri, Jentayu Sustainables
- Malaysia declares state funeral for Tun Abdullah Ahmad Badawi
- Nvidia to produce AI servers worth up to US$500b in US over four years
- US steps up probes into pharmaceutical, chip imports, setting stage for tariffs
- Trump again accuses Zelenskiy of starting war as talks grind on
- Asian stocks set for cautious day as US trade probes sow more anxiety
- South Korea unveils US$23 billion support package for chips amid US tariff uncertainty
- US stocks, bonds climb after week of upheaval