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OCR Group commences arbitration proceedings on delay in construction project in Petaling Jaya

KUALA LUMPUR (June 24): OCR Group Bhd’s wholly-owned unit OCR Construction Sdn Bhd (OCRSB) has commenced arbitration proceedings against Kencana Amanjaya Sdn Bhd (KASB), following breaches of obligations concerning a delayed construction project in Petaling Jaya, Selangor.

The company said in a filing with Bursa Malaysia yesterday that its unit OCRSB is seeking to claim for approximately RM24 million due to the losses and damages caused by KASB for the delayed works. The contract, worth RM110.39 million was awarded to KASB on May 15, 2019.

At the preliminary stage, OCR said the arbitration is not expected to have any material operational and financial adverse impact to its earnings for the financial year ending Dec 31, 2021.

At the closing bell yesterday, shares of OCR fell 0.5 sen or 2.5% to 19.5 sen with some 6.91 million shares exchanging hands. This valued the group at RM109.68 million.

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