By Jack Wong
KUCHING: Cahya Mata Sarawak Bhd (CMS) subsidiary Cahya Mata Intelligent Technologies Sdn Bhd (Cahya Mata IT) has initiated arbitration proceedings against Vienna Advantage GMBH (VA) over the latter’s failure to supply and implement the Enterprise Resources Planning (ERP) system and related services within the CMS group.
The parties had signed multiple agreements between July 2019 and November 2023 regarding the ERP project.
“We are informed by Messrs Skrine Advocates & Solicitors on 23 January 2024 that they are authorised to accept service of the notice of arbitration on behalf of VA,” CMS said in a filing with Bursa Malaysia.
Cahya Mata IT is referring the dispute under the contract documents to the Asian International Arbitration Centre (AIAC) for resolution, as stipulated by the dispute mechanism in the agreements.
The company has appointed a Malaysian law firm to represent and assist in the arbitration proceedings.
“By reason of the breach of the master agreement by VA, Cahya Mata IT has suffered losses and damages,” CMS said.
“The company will announce any further developments on the arbitration proceedings as and when they arise,” it added.
In an unrelated announcement, Sarawak Cable Bhd (SCB) revealed that it has until March 31, 2025, to submit its regularisation plan to the relevant regulatory authorities for approval.
Bursa Malaysia Securities Bhd had granted the PN17 cables manufacturer a six-month extension on October 18, 2024, to submit the plan.
On September 27, 2024, SCB appointed Malacca Securities Sdn Bhd as the principal adviser for the regularization plan, in accordance with PN17 of the Listing Requirements.
“The company is still in the midst of formulating the regularisation plan,” SCB said in a monthly update.
SCB’s affairs, business, and property are currently managed by the interim judicial manager appointed earlier by the High Court of Malaya.
Meanwhile, another PN17 company, Barakah Offshore Petroleum Bhd, said it is still in the process of formulating a regularisation plan to address its financial challenges.
The company has until May 14, 2025, to submit its plan for approval, following the latest six-month extension granted by Bursa Securities.
