KUALA LUMPUR, Cypark Resources Bhd (KL:CYPARK) clarified that it has not yet received any formal adjudication claim from Solution Group Bhd regarding an alleged RM2.5 million payment dispute linked to a solar project in Kelantan.
The claim was reportedly initiated by Solution Group’s subsidiary, Solar Solution Sdn Bhd (SSSB), against Cypark’s unit, Cypark Renewable Energy Sdn Bhd (CRESB), over works for the Tasik Danau Tok Uban solar project in Pasir Mas, which carried a contract value of RM3.14 million.
In its filing with Bursa Malaysia, Cypark said SSSB has also launched another adjudication claim against its other subsidiary, Cypark Sdn Bhd (CSB), involving an alleged RM934,498 outstanding amount from a RM3.1 million contract for a project in Marang, Terengganu.
Both adjudications, filed on Sept 30, have yet to proceed formally, as Cypark noted that adjudicators have not been appointed and no instructions have been issued for its subsidiaries to respond.
“CRESB is disputing the two adjudications initiated by SSSB. Any statement suggesting that RM2.5 million is payable to Solution Group is premature and inaccurate, as no adjudication decision has been made,” Cypark said.
The group added that the adjudications are not expected to have any material impact on its financial performance or net assets for the current financial year. Both CRESB and CSB have engaged legal counsel to handle the matter.
The clarification follows Solution Group’s statement on Wednesday claiming that Cypark had failed to pay RM2.5 million for completed works involving floater installation, photovoltaic modules, DC cabling, a DC combiner box, and a central inverter.
At market close on Thursday, Cypark’s shares were up one sen or 1.27% at 79.5 sen, valuing the company at RM650.01 million, while Solution Group rose 1.5 sen or 18.75% to 9.5 sen, with a market capitalisation of RM46.17 million.
