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- Under the settlement, JAKS-KACC JV is to pay Teknoserv RM9.07 million via seven instalments by Dec 31, 2023.
- GUH said it agreed to the out-of-court settlement as it would have been costly and time-consuming to continue the legal dispute.
KUALA LUMPUR (July 5): GUH Holdings Bhd said the out-of-court settlement with a unit of JAKS Resources Bhd and a construction firm over its payment claim for work undertaken as a sub-contractor is expected to result in revenue increment of some RM4 million for the financial year ending Dec 31, 2023.
In a filing today (July 5), the company said: “...the envisaged settlement amount of RM9.07 million receivable by Teknoserv (Engineering Sdn Bhd) is expected to have a positive impact on the financial and/or operational of the Company...”
Notably, GUH’s subsidiary Teknoserv Engineering Sdn Bhd had sued JAKS Sdn Bhd and KACC Construction Sdn Bhd (JAKS-KACC JV) following the termination of the sub-contract.
In a filing on Monday (July 3), GUH said Teknoserv and JAKS-KACC JV have now agreed to settle all claims and disputes amicably.
Under the settlement, JAKS-KACC JV is to pay Teknoserv RM9.07 million via seven instalments by Dec 31, 2023.
GUH said it agreed to the out-of-court settlement as it would have been costly and time-consuming to continue the legal dispute.
During the noon session, shares of GUH settled one sen or 2.2% higher, implying a market capitalisation of RM130.8 million, with 1.97 million shares changing hands.
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