News

We refer to our announcements dated 15 April 2019 and 16 July 2019.

As announced earlier, GOM filed an application to convert PSKIN's Originating Summons to a Writ action, which has been heard by the High Court Judge on 25 September 2019. On 30 October 2019, the Judge dismissed GOM's application and awarded costs to PSKIN. In dismissing GOM’s application, the Judge held, among others, that the termination of the Concession Agreement by expropriation is not in dispute. The only issue for the determination of the Court is the amount to be paid by GOM as a consequence of the expropriation. The Concession Agreement provides for a contractual formula to determine the amount to be paid. As such, there are no disputes of fact to warrant a trial.

The Judge further directed that the hearing of PSKIN's Originating Summons and cross-examination of the deponents of affidavits (if necessary) be fixed for 1 July 2020, 2nd July 2020 and 3 July 2020.

Separately, PSKIN and GOM have also agreed to refer the dispute in respect of PSKIN’s Originating Summons to court-annexed mediation conducted by the Kuala Lumpur Court Mediation Centre (“Mediation Centre”). The parties agreed that the mediation process shall proceed concurrently with the court proceedings. On 30 October 2019, representatives from PSKIN and GOM (with parties’ respective Counsel) attended the first mediation session. A further mediation session between the parties will be fixed in due course.

The Company will make the necessary announcements on material development in respect of this matter from time to time.

This announcement is dated 31 October 2019.