KUALA LUMPUR (April 17): Mudajaya Group Bhd (KL:MUDAJYA), which had filed a winding-up petition against THB Power Sdn Bhd, said the independent power producer has initiated a lawsuit disputing the payment amount stated in the petition.
THB Power is seeking a reduced payment of RM52.67 million instead of the RM60.63 million being sought by Mudajaya's wholly owned subsidiary, Mudajaya Corporation Bhd (MCB), under the petition, said the group in an exchange filing on Thursday.
MCB intends to defend the suit, Mudajaya said, adding that aside from the RM7.95 million payment shortfall claimed by THB Power, no ignificant financial impact is expected on the group.
MCB had secured a contract from THB Power to carry out earthworks for a 1,200-megawatt gas-fired plant in Gurun, Kedah, back in June 2022. The total value of the contract was RM104.47 million.
On Feb 21, Mudajaya filed the winding-up petition against THB Power, alleging that it was owed RM60.63 million for preparation work completed at the plant.
The winding-up petition follows an adjudication decision in April 2024, and a supplemental settlement agreement in October 2024, Mudajaya said. Details of the adjudication and settlement agreement, however, were not disclosed.
Shares of Mudajaya ended half a sen or 5.6% higher at 9.5 sen on Thursday, valuing the group at RM252.5 million.