Malaysia Steel Manufacturer   

MATERIAL LITIGATION Legal suit by Safety Capital Sdn Bhd against Malaysia Steel Works (KL) Berhad (“the Company” or “Masteel”)

December 23rd, 2021
Type Announcement
Subject MATERIAL LITIGATION
Description Legal suit by Safety Capital Sdn Bhd against Malaysia Steel Works (KL) Berhad (“the Company” or “Masteel”)

 

Unless otherwise stated, all definitions and terms used in this announcement shall have the same meaning as defined in the announcements dated 30 August 2019, 5 September 2019 and 10 December 2021.

 

The Board of Directors of Masteel wishes to announce that Safety Capital Sdn Bhd (“Safety Capital“) has filed a Notice of Appeal to the Court of Appeal against the decision of the Shah Alam High Court dated 10 December 2021 which dismissed Safety Capital’s claim against the Company for inter alia RM10,681,000.00, with costs of RM80,000.00 to be paid by Safety Capital to the Company.

 

To date, there is no financial and operational impact arising from the Appeal and the Company will make further announcements as and when material developments arise.

 

This announcement is dated 20 December 2021.