Company Name: KOBAY TECHNOLOGY BERHAD
Stock Name: KOBAY
Date Announced: 27 Feb 2025
Category: General Announcement for PLC
Reference Number: GA1-27022025-00061
Type: Announcement
Subject: MATERIAL LITIGATION
Description: Litigation Proceedings commenced by Bend Weld Engineering Sdn. Bhd. against FMC Technologies Limited
Reference is made to Kobay Technology Bhd.’s (“Kobay”) announcement dated 19 December 2023 and amended announcement dated 20 December 2023 in relation to the same, unless otherwise defined, the definitions used in this announcement shall have the same meanings as previously defined in the announcements hereinbefore mentioned.
The Board of Directors of Kobay wishes to announce that Bend Weld Engineering Sdn Bhd [Registration No. 199001011995 (203565-P)] (“BWE” or “the Claimant”), a wholly owned subsidiary of Kobay Industries Sdn. Bhd. [Registration No. 199901016585 (491485-V)], who in turn is a wholly-owned subsidiary of Kobay, and FMC Technologies Limited (Company No. 002599569) (“FMC” or “the Defendant”), a company incorporated in United Kingdom had on 25 February 2025 entered into a Settlement and Release Agreement (“the Agreement”) where FMC shall, within 21 days from the date of the Agreement, pay BWE a sum of United States Dollars Two Hundred and Twenty Five Thousand (USD225,000-00) inclusive of taxes due (if any)(“Settlement Sum”) and terms therein stipulated for the full and final settlement of the proceedings and dispute.
This announcement is dated 27 February 2025.