KUALA LUMPUR: Awanbiru Technology Bhd's (Awantec) share price fell as much 15 per cent after it announced that the KL High Court only awarded a third of its RM723 million claim in the suit for the unilateral termination of Sistem Kawalan Imigresen Nasional (SKIN) project in 2019.
Awantec's subsidiary Prestariang Skin Sdn Bhd (PSKIN) filed a legal claim totalling RM732 million against the government on its unilateral termination of the SKIN project in April 2019.
The KL High Court however today awarded it a sum of RM231.5 million, with a post-judgment interest of 5 per cent per annum and costs of RM80,000.00 to be paid by the government of Malaysia.
The company's share price fell 12.75 per cent at market close to settle at 44.5 sen a share.
About 39.6 million shares changed hands. It was one of the most actively traded counters in the market.
In a filing with Bursa Malaysia Securities Bhd today, Awantec said the Kuala Lumpur High Court Judge Datuk Seri Latifah Mohd Tahar ordered the government of Malaysia to pay PSKIN RM231.5 million and costs for unilaterally terminating a RM3.5 billion 15-year concession agreement by way of expropriation, on Jan 22, 2019.Ends