KUALA LUMPUR (April 10): Mudajaya Group Bhd said today GE Power Services (Malaysia) Sdn Bhd and Alstom Power Systems have agreed to pay RM60 million cash to settle outstanding claims relating to the construction of a coal-fired power plant in Tanjung Bin, Johor. In a filing with Bursa Malaysia today, Mudajaya said after protracted negotiations, its wholly-owned subsidiary Mudajaya Corp Bhd (MCB) has finally reached a settlement with GE Power Services (Malaysia) Sdn Bhd and Alstom Power Systems over the outstanding claims. Mudajaya said the settlement will be used towards new and existing projects. It also still retain its rights to any recovery from insurance proceeds that were part of its total claims, via GE as the consortium leader for the project. Mudajaya shares closed down 3 sen or 2.61% at RM1.12 today, bringing a market capitalisation of RM603 million.

Source: The Edge Markets April 10, 2017 12:33 UTC