MATERIAL LITIGATION Solution Group Berhad ("Solution" or "the Company") Adjudication Claim against Cypark Renewable Energy Sdn Bhd
| SOLUTION GROUP BERHAD |
| Type | Announcement |
| Subject | MATERIAL LITIGATION |
| Description | Solution Group Berhad ("Solution" or "the Company") Adjudication Claim against Cypark Renewable Energy Sdn Bhd |
|
Pursuant to Rule 9.04(g) of the ACE Market Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Securities”), the Board of Directors of Solution Group Berhad (“Company”) wishes to announce that its subsidiary, Solar Solution Sdn Bhd (“SSSB”), had on 30 September 2025 served a Notice of Adjudication (“NOA”) pursuant to Sections 7 and 8 of the Construction Industry Payment and Adjudication Act 2012 (“CIPAA”) on Cypark Renewable Energy Sdn Bhd (“CYRESB”) to commence statutory adjudication proceedings in respect of a payment dispute under a Letter of Acceptance (“LOA”). The adjudication has been registered with the Asian International Arbitration Centre (“AIAC”) on 7 October 2025 in accordance with Rule 2 of the KLRCA Adjudication Rules.
1. Particulars of the claim
2. Details of the circumstances leading to the filing of the NOA
The works under the LOA commenced on 25 January 2025 and were originally scheduled for completion on 25 March 2025, with the completion date subsequently extended to 16 July 2025. Following completion of the works, the Outstanding Sum remains unpaid by CYRESB. SSSB has therefore initiated adjudication under CIPAA to recover the Outstanding Sum, supported by, among others, a Statement of Account evidencing the amount due.
3. A confirmation as to whether SSSB is a major subsidiary
As of the date of this announcement, SSSB is not a major subsidiary of Solution Group.
4. Financial and Operational Impact of the NOA on Solution Group
As the Adjudication proceeding is at the preliminary stage, the Company is not in a position to determine the outcome of the Adjudication proceeding. As such, the Adjudication proceeding is not expected to have any material financial and operational impact on Solution Group at this point of time.
The Company will make the appropriate announcements to Bursa Securities as and when there are material developments in relation thereto in accordance with the ACE Market Listing Requirements of Bursa Securities.
This announcement is dated 8 October 2025. |
|
Announcement Info
| Company Name | SOLUTION GROUP BERHAD |
| Stock Name | SOLUTN |
| Date Announced | 08 Oct 2025 |
| Category | General Announcement for PLC |
| Reference Number | GA1-19092025-00065 |