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KUALA LUMPUR (Feb 13): GDB Holdings Bhd (KL:GDB) said its wholly-owned subsidiary Grand Dynamic Builders Sdn Bhd has obtained a favourable High Court judgment against KSK Land Sdn Bhd, which is in liquidation, to recover amounts owed for works on the 8 Conlay project.
In a bourse filing, GDB said the court awarded Grand Dynamic Builders RM102.08 million, together with interest of 5% annum on RM93.39 million until full settlement and RM80,000 in costs.
The dispute traces back to late payments under a RM1.25 billion contract for the 8 Conlay mixed development, where Grand Dynamic Builders was the main contractor.
Payment issues first emerged in 2022, prompting the contractor to suspend works and commence legal action to recover more than RM120 million in unpaid sums.
Following a partial payment, Grand Dynamic Builders resumed certain works in January 2023 and withdrew its earlier suit with liberty to file afresh, but disputes resurfaced in April 2023 after an instalment was not paid.
Damai City Sdn Bhd subsequently terminated the contract, leading Grand Dynamic Builders to file a fresh suit in May 2023 to recover RM102.08 million and initiate adjudication proceedings.
In August 2024, an adjudication decision awarded RM59.32 million to the contractor for outstanding payments, and the High Court granted an enforcement order in April 2025.
Grand Dynamic Builders’ adjudication proceedings against Damai City commenced in October 2024, while it had earlier filed a winding-up petition against KSK Land in January 2024.
Separately, KSK Land filed an application in the Kuala Lumpur High Court seeking leave to convene a creditors’ meeting to consider a proposed scheme of arrangement and a three-month restraining order, triggering an automatic two-month moratorium on certain proceedings.
Shares in GDB closed down 0.5 sen or 1.3% at 38.5 sen on Thursday, valuing the group at RM397 million. The counter has gained 8.5% over the past year.
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