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KUALA LUMPUR (Nov 1): AWC Bhd said its former client BUCG (M) Sdn Bhd has filed a counterclaim against the facility management and engineering group, seeking general and special damages of RM11.02 million and other reliefs.
AWC said that while the counterclaim against its wholly-owned subsidiary, Qudotech Sdn Bhd, is "not sustainable", the amount claimed is huge and if judged in BUCG's favour, will adversely and materially impact AWC's earnings and net asset per share.
"The company has sought its solicitor's advice on the necessary course of action to be taken," the group added in a filing with Bursa Malaysia.
On Sept 20, AWC had filed a lawsuit against BUCG for allegedly failing to settle RM2.06 million in outstanding payment for subcontract work of a project developing one block of serviced apartments and a 55-storey hotel at Jalan Conlay here.
BUCG, which is the main contractor of the project, had in 2012 awarded a RM10.24 million contract to Qudotech to undertake the plumbing installation works of the project.
At 4:43pm, AWC's share price was trading at 77.5 sen, down two sen or 2.52%, with 991,400 shares traded, giving the group a market capitalisation of RM218.27 million. — theedgemarkets.com
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