Announcement Details/Table Section :
Further to the Announcements made by Zelan Berhad ("Company") on 22 November 2012 and 27 November 2012 in relation to Meena Plaza Mixed Use Development Project, Abu Dhabi, United Arab Emirates ("Project"), the Company would like to announce that its wholly owned subsidiary, Zelan Holdings (M) Sdn Bhd's Abu Dhabi Branch ("Zelan Abu Dhabi"), has issued notices of intention to commence arbitration on several disputes in relation to the Project with Meena Holdings LLC ("Employer"), the employer for the Project, in accordance with the provisions of the Contract.
The notices which have been issued by Zelan Abu Dhabi are as follows:-
(a) A Notice of Intention to Commence Arbitration dated 27 December 2012, in respect of the dispute between Zelan Abu Dhabi and the Employer on the Employer's under certification of the value of materials on site in the progress claims submitted by Zelan Abu Dhabi; and
(b) Two (2) Notices of Intention to Commence Arbitration both dated 31 December 2012, in respect of the disputes between Zelan Abu Dhabi and the Employer on the delay and progress of works.
It is further provided in the Contract that where a notice of intention to commence arbitration as to a dispute has been given, the parties shall attempt to settle such dispute amicably before the commencement of arbitration. Provided that, unless the parties otherwise agree, arbitration may be commenced on or after the 56th day after the day on which notice of intention to commence arbitration of such dispute was given, even if no attempt at amicable settlement thereof has been made.
This Announcement is dated 2 January 2013.
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