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Shares of Zelan closed unchanged at 8.5 sen yesterday for a market capitalisation of RM71.82 million.
KUALA LUMPUR (March 29): Zelan Bhd’s wholly-owned unit Zelan Construction Sdn Bhd is claiming for a principal amount of RM3.34 million from BBCC Development Sdn Bhd due to outstanding payment on construction works.
In a filing with Bursa Malaysia yesterday, Zelan said its unit will be also be claiming the principal sum together with late payment interest and costs, with the amount to be determined at a later stage.
Zelan Construction explained that the claims are on the work done and outstanding payment due in relation to the main construction work for a project on Jalan Hang Tuah/Jalan Pudu.
The project is known as Cadangan Pembangunan Sementara 4 Tingkat Pejabat Jualan, Rumah Contoh Dan 1 Tingkat Sub-Basemen Di Atas Sebahagian Lot PT143, Seksyen 56, Jalan Hang Tuah/Jalan Pudu, Dalam Bandaraya KL.
“The Company will make further announcement(s) as and when there are any material developments in relation to the above matter,” said Zelan.
Occupying 19.4 acres of the former Pudu Prison site, the RM8.7 billion BBCC is a joint venture (JV) between UDA Holdings Bhd, Eco World Development Group Bhd and the Employees Provident Fund.
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