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ASTEEL Group Bhd’s wholly owned subsidiary, Asteel (Sarawak) Sdn Bhd (ASWK), has commenced adjudication proceedings against Dynaciate Engineering Sdn Bhd under the Construction Industry Payment and Adjudication Act 2012 (CIPAA), seeking RM7.72 million in outstanding claims and overdue interest.
The dispute arises from several sub-contract agreements dated March 14, June 14, and December 1, 2022, under which Dynaciate had engaged ASWK to carry out steel structure erection, equipment and AG piping erection, and roofing and cladding installation works for the Sarawak Methanol Project in Bintulu, Sarawak.
Asteel said the legal proceedings were initiated to preserve ASWK’s contractual rights and are not expected to have any material impact on the group’s earnings, net assets, gearing, or operations for the financial year ending December 31, 2025.
No directors, major shareholders, or persons connected with them have any interest in the legal matter. — TMR
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