KAB faces counterclaim after suing engineering services group for alleged breach of terms
Published on 13 Jul 2020. | Source: theedgemarkets.com
KUALA LUMPUR (July 13): Kejuruteraan Asastera Bhd (KAB) said the parties that its subsidiary is suing for alleged breach of terms in work orders have filed a counterclaim seeking RM17.82 million in damages.
The parties are ICEE International Sdn Bhd, ICEE Energy Services Sdn Bhd and Prabodh Kumar Kantilal, KAB said in an exchange filing today.
In an earlier filing, KAB said its wholly-owned unit KAB Technologies Sdn Bhd on June 26 filed a suit against ICEE International and ICEE Energy over alleged breach of material terms in work orders that it claims had caused KAB Technologies to suffer a loss.
Specifically, KAB Technologies is claiming from ICEE Energy RM15.13 million in general damages, and RM1.43 million in special damages for outstanding shortfall of work orders.
The company is also claiming against ICEE International RM12,418 in general damages and RM813,709 in special damages.
Pertaining to the counterclaim, KAB said it intends to summarily strike out the action as ICEE International and ICEE Energy have "improperly added KAB as a party".
KAB also said it views the sum claimed as being speculative and without a credible basis.
Shares in KAB closed two sen or 1.82% lower at RM1.08, giving it a market capitalisation of RM1 billion. Year to date, the stock has gained by almost three times.
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