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- Advancecon said its wholly-owned subsidiary, Advancecon Infra Sdn Bhd, was awarded RM7 million following proceedings administered by the Asian International Arbitration Centre. However, the amount is less than the RM15.22 million claimed by the group.
KUALA LUMPUR (Oct 7): Advancecon Holdings Bhd (KL:ADVCON) said the group has secured a favourable adjudication decision against China Communication Construction (ECRL) Sdn Bhd (CCC) in relation to a payment dispute involving the East Coast Rail Link (ECRL) project.
Advancecon said its wholly-owned subsidiary, Advancecon Infra Sdn Bhd, was awarded RM7 million following proceedings administered by the Asian International Arbitration Centre. However, the amount is less than the RM15.22 million claimed by the group.
In addition to the adjudicated sum, CCC has been directed to bear adjudication-related and legal costs amounting to RM361,508, inclusive of interest until full settlement, said Advancecon in a statement.
Advancecon previously announced that it had in March 2025 submitted a payment claim for outstanding sums of RM10.17 million and RM5.05 million but CCC allegedly failed to make any payment. The group subsequently issued a notice of adjudication to CCC to claim the RM15.22 million in outstanding payments.
“We welcome this adjudication result as a clear validation of our position and as an important step in ensuring fair recognition of the works carried out,” said Advancecon group CEO Datuk Pham Ang Kia.
The group said the adjudication decision is not expected to have a material impact on its earnings for the financial year ending Dec 31, 2025.
Advancecon shares rose half a sen or 2.44% to 21 sen on Tuesday, giving the group a market capitalisation of RM123 million. The stock has declined 19% year-to-date.
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