MN Holdings Bhd has announced that its wholly-owned unit MN Power Transmission Sdn Bhd has reached a settlement with Bras Ventures Bhd, with a consent judgement entered at the High Court.
Upon filing of the consent judgment, it said material litigation against Bras Ventures was hereby concluded.
In July 2023, MN Power Transmission initiated legal proceedings against Bras Ventures to recover an outstanding payment of RM1.05 million.
The dispute centers on a project titled “Engineering, Procurement, Construction & Commissioning (EPCC) for the Development of Pengerang 275kV Overhead Transmission Line From Pengerang Cogen Plant (PCT) to Peninsular Malaysia Grid And 275/132kV Pengerang Substation.”
MN Power Transmission was appointed by Bras Ventures to undertake erection works for the project. Despite completing the assigned tasks and additional works as instructed, Bras Ventures had allegedly failed to settle the outstanding payment, leading MN Power Transmission to file a writ of summons at the Shah Alam High Court.
MN was trading 2 sen lower at RM1.08 at 10am today, valuing the company at around RM610 million. –TMR