Ahmad Zaki Resources unit hit with fresh winding-up petition over RM3.9mil EKVE claim

KUALA LUMPUR (Aug 3): Ahmad Zaki Resources Bhd (KL:AZRB) has been served with another winding-up petition, this time by Perunding ZKR Sdn Bhd over an alleged outstanding payment of RM3.94 million for works carried out under the East Klang Valley Expressway (EKVE) project.

In a Bursa filing on Monday, the engineering and construction group said the petition was filed in the High Court on July 28 and served on Ahmad Zaki Sdn Bhd (AZSB), a wholly owned subsidiary on July 31.

Perunding ZKR claimed AZSB had failed to settle RM3.94 million for works performed under the EKVE project.

AZRB said AZSB is not a major subsidiary and does not expect the petition to have a significant financial or operational impact on the group, apart from legal fees and related disbursements. Its total investment in the subsidiary amounts to RM165.3 million.

The group said AZSB is in discussions with the petitioner to resolve the matter amicably and remains optimistic of reaching a successful outcome.

“The delay in announcing the petition was because both parties had been engaged in genuine and good-faith negotiations,” the group said.

The latest action adds to a series of winding-up petitions filed against AZSB by contractors and consultants over the past two and a half years.

In January 2024, Sukiada Engineering Sdn Bhd filed a winding-up petition over an alleged unpaid sum of RM168,115.25. A month later, Formula Mutakhir Sdn Bhd filed another petition, claiming RM118,009.13.

In July 2025, Giga Engineering & Construction Sdn Bhd sought to wind up the subsidiary over an alleged unpaid sum of RM5.86 million, which AZRB said it would contest while seeking a Fortuna injunction.

That was followed in November 2025 by winding-up petitions from Perunding ZKR and Mentari Kencana Sdn Bhd involving alleged unpaid claims totalling RM5.31 million.

Last month, AZRB disclosed that AZSB had been served with two more winding-up petitions by Tenaga Nirwana (M) Sdn Bhd and Muhibbah Engineering Bhd (KL:MUHIBAH) over alleged unpaid claims totalling RM1.78 million, relating to the Sungai Kuantan bridge project, EKVE and MRT projects.

As at March 31, 2026, AZRB had cash and deposits of RM309.11 million against total borrowings of RM2.95 billion. For the quarter ended on the same date, the group recorded a net loss of RM1.66 million on revenue of RM154.75 million.

The group has reported losses in three of its past four financial years.

As at Monday’s close, AZRB shares rose half a sen or 4.8% to 11 sen, valuing the group at RM72.4 million.

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