MMC Corp unit served with winding-up petition over RM10.87 million arbitration award

PETALING JAYA: MMC Corp Bhd's unit Southern Water Technology Sdn Bhd (SWT) has been served with a winding up petition by Suria 2000 Sdn Bhd.
The group told Bursa Malaysia that the petition is in respect of a High Court order dated May 8 for the recognition and enforcement of an arbitration award dated October 27, 2016 for the sum of RM10.87 million, with interest at the rate of 5% per annum from October 27, 2016 until full realisation.
The winding up proceedings arose from the non-payment of the award by SWT.
"SWT disputes the award and SWT's appeals against the enforcement of the award and in respect of its application to set aside the award are currently pending hearing at the Court of Appeal," it said.
MMC said the winding up proceedings are not expected to have any significant financial and operational impact on the MMC Group for the financial year ending December 31, 2017.
At 2.45pm, MMC shares were unchanged at RM2.39 on some 2,400 shares traded, giving it a market capitalisation of RM7.28 billion.