Corporate results: SP Setia and AWC

SP Setia to defend against Boustead Plantation suit

SP Setia Bhd said its wholly-owned subsidiary, Setia Fontaines Sdn Bhd, will defend its position against the claim made by Boustead Plantations Bhd that is seeking RM37 million from a goods and services tax (GST) refund due on five adjoining parcels of freehold lands located in Penang the plantation company sold to Setai Fontaines. In an exchange filing yesterday, SP Setia noted solicitors have advised it to defend its position and the GST is not payable for the lands acquired. Boustead Plantation this week filed a suit claiming RM37.21 million from Setia Fontaines in relation to a GST refund. In its exchange filing on Tuesday, Boustead Plantation noted it is claiming for relief against the defendant on account of the defendant’s breach of a sale and purchase agreement (SPA) dated Dec 22, 2016.


AWC gets RM25.97m subcontract in Singapore

AWC Bhd’s sub-subsidiary, Stream Environment(s) Pte Ltd, has accepted an award from SDK Consortium to undertake subcontract works on a pneumatic waste and linen chute system and food waste treatment system for RM25.97 million cash. In an exchange filing yesterday, AWC noted the contract form work on a proposed development of six blocks of seven-storey health campus comprising acute hospital, specialist outpatient clinics, community hospital, nursing home and four basement levels with two levels for car parking at Woodland Avenue 12, Singapore. The project commenced  on June 13, 2018, and is expected to be completed by Jan 31, 2021.