KUALA LUMPUR: Bina Puri Holdings Bhd's associate, KL-Kuala Selangor Expressway Bhd (Latar), has won a RM46.13 million award from an arbitration case against Prolintas Expressway Sdn Bhd.
According to a filing with Bursa Malaysia, Prolintas has been ordered to pay RM46.13 million, along with interest, to Latar.
"The board of directors of Bina Puri wishes to announce that Latar, an associate company, had on July 19, 2019 commenced an arbitral proceeding against Prolintas."This action was initiated due to Prolintas' refusal to pay or reimburse Latar under the co-ordination and cost-sharing agreement," it added.
Bina Puri said that Latar will take steps to enforce the arbitration award, with further announcements to be made in due course.
The company's shares closed at 30 sen, giving it a market capitalisation of RM199.19 million.