Prolintas Infra Business Trust announced that its arbitration proceeding involving GCE Co, a wholly-owned subsidiary of the Trust, and KL-Kuala Selangor Expressway Bhd (operates LATAR) which has been ongoing since 2019 has now been settled.
LATAR had gone to court to enforce the RM46 million arbitration award against Prolintas, however in a Bursa filing today (24 December) the highway operator said both parties have reached a settlement arrangement with regards to the arbitration award dated 7 November 2024. It noted that a consent order had been recorded in court to formalise the settlement.
The Board views the settlement as not having any material financial implications to Prolintas Infra BT, as Projek Lintasan Kota Holdings Sdn Bhd, the major unitholder of the Trust has agreed to indemnify Prolintas Managers against any losses incurred and made against GCE Co in the Arbitration Cases.
