China State Construction Engineering seeks RM129.7m claims from DRB-Hicom

PETALING JAYA: China State Construction Engineering (M) Sdn Bhd (CSCE) has filed a RM129.7 million statement of claim against DRB-Hicom Bhd at the Asian International Arbitration Centre relating to a development and infrastructure contract in Kuala Lumpur.

According DRB-Hicom’s filing with Bursa Malaysia, the arbitration was initiated by CSCE, a subcontractor of the project pertaining to a dispute related to contracts awarded by its 51%-owned subsidiary Media City Ventures Sdn Bhd.

DRB-Hicom stated that its legal advisors are reviewing the claims and will take all the necessary steps to defend against the claim and ensure all its rights are protected.

It said further announcements will be made when there are material developments relating to the issue.

DRB-Hicom’s share price slipped 25 sen to close at RM1.54 today on 17.58 million shares done.