Zelan falls 4.76% on news of arbitration notice
18 Apr 2018 / 11:22 H.
PETALING JAYA: Zelan Bhd's share price fell half a sen or 4.76% this morning, after announcing that its unit Zelan Holdings (M) Sdn Bhd (ZHSB) has received an arbitration notice from Hitachi Ltd.
At 10.50am, the stock stood at 10 sen with 2.3 million shares changing hands. The engineering and construction group has a market capitalisation of RM88.7 million.
Yesterday, Zelan told the stock exchange that the dispute was for the sub-contract between Hitachi's unit Hitachi Plant Technologies Ltd and ZHSB dated May 15, 2012, for the Meena Plaza mixed use development project in Abu Dhabi.