KUALA LUMPUR (Feb 3): Mudajaya Group Bhd (KL:MUDAJYA) said the High Court has allowed its winding-up petition against THB Power Sdn Bhd after the independent power producer again failed to make the final tranche of payment totalling RM27.9 million with interest.
The group said the payment — due before Jan 28, 2026 (last Wednesday) under the parties’ settlement arrangement — was not received despite THB Power previously acknowledging and admitting to owing Mudajaya Corporation Bhd (MCB), a wholly owned subsidiary of Mudajaya, an undisputed sum of RM52.67 million.
This marks the second instance THB Power has missed the same final tranche, after the company failed to meet the earlier Aug 29, 2025 deadline.
In a filing with Bursa Malaysia on Tuesday, Mudajaya said the court delivered its decision last Wednesday and allowed the winding-up petition, following which THB Power filed both a notice of appeal at the Court of Appeal and an application to stay the winding-up order.
Hearing dates for the appeal and stay applications are pending.
"Mudajaya will do all that is necessary to comply with the law and cooperate with all parties concerned in the recovery of the outstanding sum," the group said.
The petition filed in February 2025 stems from RM60.63 million in outstanding payment for site preparation works that MCB completed in June 2022 for THB Power’s 1,200MW gas-fired plant in Gurun, Kedah. The contract’s total value was RM104.47 million.
The winding-up petition followed an adjudication decision in April 2024 and a supplemental settlement agreement in October 2024, though specific details of these were not disclosed.
Mudajaya had earlier received the first tranche of RM27.33 million with interest in mid-2025, while a disputed balance of RM7.95 million remains subject to negotiations or potential separate legal action.
The group said aside from the non-receipt of the final RM27.9 million tranche, no further financial impact is expected at this juncture.
Mudajaya shares closed up half a sen or 1.12% at 45 sen on Tuesday, giving the group a market capitalisation of RM239.2 million.