PETALING JAYA: CIMB Group Holdings Bhd and its unit have initiated an arbitration proceeding against highway concessionaire PLUS Malaysia Bhd for breaching some of the terms of their joint-venture agreement (JVA) in relation to Touch ‘n Go Sdn Bhd (TNGSB). CIMB, CIMB S1 1 and PLUS are parties to a JVA dated May 12, 1998, in relation to TNGSB. CIMB group is the biggest shareholder in TNGSB, with a 52.2% stake in the e-payment service provider. “The company and CIMB SI 1 are seeking to invoke the arbitration agreement contained in the JVA in relation to disputes that have arisen with PLUS in connection with and/or under the joint venture agreement,” CIMB said. CIMB said the group was seeking an injunction to restrain PLUS from engaging in further business of the PLUS RFID system together with damages, interests and costs.

Source: The Star December 17, 2018 23:26 UTC