Malaysian Airports Holdings Berhad announced that it had settled with KL Aviation Facilities over the award quantum after the courts decided in favour of the company in a case dated back in 2015.
This was in relation to a Notice of Arbitration issued by Kuala Lumpur Aviation Fuelling System Sdn Bhd against Malaysia Airports (Properties) Sdn Bhd a wholly owned subsidiary of MAHB. This dispute arose from the Airport Facilities Agreement between KAFS and MA Properties. The Arbitral Award on liability was decided by the Court in favour of KAFS and the quantum of the award was to be decided in separate proceedings.
Both parties have now stated that they have entered into a Settlement Agreement in relation to the quantum of the award arising from or in connection with the Arbitral Award.
MAHB said the Settlement Agreement is not expected to have any material impact on earnings and net assets of the group 2024.
