KUALA LUMPUR (Oct 7): Coastal Contracts Bhd's major subsidiary has been slapped with a notice of arbitration from one of its suppliers for an alleged wrongful termination of a shipbuilding contract. "Rather than complying with their obligations under the shipbuilding contract, the builders filed a Notice of Arbitration against the subsidiary alleging that the subsidiary's termination of the Shipbuilding Contract was wrongful," the filing read. Apart from the amounts claimed and counterclaimed by the subsidiary and the builders respectively against each other, the arbitration proceedings are not expected to have any other potential financial impact on the group, said Coastal Contracts. "Coastal Contracts will announce any further developments on the arbitration proceedings at the appropriate time," it added. Shares in Coastal Contracts closed up two sen or 1.33% at RM1.52, for a market value of RM806.38 million.

Source: The Edge Markets October 07, 2016 12:45 UTC