MAIN Market-listed tourism-related property developer Yong Tai Bhd has today (May 13) clarified the recent adjudication decision under the Construction Industry Payment & Adjudication (CIPAA) Act 2012 regarding disputes between its subsidiary Apple 99 Development Sdn Bhd and Kerjaya Prospek (M) Sdn Bhd.
Recall that on Nov 27 last year, the wholly-owned subsidiary of Kerjaya Prospek Group Bhd, initiated adjudication proceedings under the CIPAA Act to claim the sum of RM105.14 mil together with outstanding interest to which an Adjudication Response was filed by Apple 99.
“The adjudication decision delivered on May 9 denied the high-end commercial and high-rise residential construction outfit’s alleged claim of RM105.14 mil and instead determined a significantly lower sum of RM75.46 mil,” Yong Tai pointed out in a media statement.
“The adjudicated sum of RM75.46 mil aligns closely with the amount that Apple 99 had already accounted for in its financial statements for the financial year ended June 30, 2024.”
Yong Tai has considered Kerjaya Prospek’s alleged claim for RM105.14 mil “to be without merit as this amount lacked substantiation and far more exceeded the certified contract sum”.
The group is currently seeking further legal advice regarding the adjudication decision and will provide updates on material developments as necessary.
This decision has no additional material financial impact on Yong Tai’s net assets, net assets per share or gearing as the adjudicated amount has been fully provided for in the accounts.
At the close of today’s (May 13), Yong Tai was up 1.5 sen or 8.11% to 20 sen with 6.08 million shares traded, thus valuing the company at RM86 mil. – May 13, 2025
