THE Shah Alam High Court (Construction Division) has ruled in favour Main Market-listed tourism-related property developer Yong Tai Bhd in the adjudication dispute with Kerjaya Prospek (M) Sdn Bhd, a wholly-owned subsidiary of high-end commercial and high-rise residential contractor Kerjaya Prospek Group Bhd.
The High Court had on Friday (Oct 17) set aside the Adjudication Decision dated May 9, 2025 under the Construction Industry Payment & Adjudication Act 2012 (CIPAA Act) which previously determined that the Melaka-based Yong Tai’s wholly-owned subsidiary Apple 99 Development Sdn Bhd was to pay RM75.46 mil to Kerjaya Prospek Malaysia.
The Shah Alam High Court had further dismissed Kerjaya Prospek Malaysia’s application to enforce the Adjudication Decision by ordering the latter to pay total legal costs of RM20,000 to Apple 99 subject to allocator.
According to Yong Tai’s Bursa Malaysia filing, Apple 99’s application to set aside the Adjudication Decision dated May 9 pursuant to section 15(1)(b) and (d) of the CIPAA Act was allowed with costs of RM15,000 to be borne by Kerjaya Prospek Malaysia.
Additionally, Kerjaya Prospek Malaysia’s application to enforce the Adjudication Decision dated May 9 was dismissed with costs of RM5,000 payable to Apple 99 subject to the allocator.
“All in all, the ruling means that Apple 99 is no longer legally required to make any payment under the now-invalidated adjudication decision unless Kerjaya Prospek Malaysia successfully appeals its case in future,” noted Yong Tai in a media statement.
Counter-claim
Yong Tai had earlier 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”.
As such, the group had sought further legal advice regarding the adjudication decision while re-assuring shareholders that such 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.
Recall that Yong Tai had also filed a RM76.6 mil counter-claim against Kerjaya Prospek Malaysia with regard to damages from the latter’s delays, failure to complete works and other contractual breaches.
At 3.37pm, today (Oct 21)), Yong Tai was unchanged at 14.5 sen with 442,400 shares traded, thus valuing the company at RM67 mil. – Oct 21, 2025
