Cypark Resources Berhad ("crb" Or "The Company") - Response To Articles In Media And Solution's Announcements

Back Oct 09, 2025

 

Type Announcement
Subject OTHERS
Description Cypark Resources Berhad ("CRB" or "the Company") - RESPONSE TO ARTICLES IN MEDIA AND SOLUTION'S ANNOUNCEMENTS
A. Introduction

1. Reference is made to the article (“Article”) published in the media on 8 October 2025, whereby The Edge Malaysia reported among others that Cypark Resources Berhad’s (“Cypark”) wholly-owned subsidiary, Cypark Renewable Energy Sdn Bhd (“CRESB”), “is facing an adjudication claim of RM2.5 million in relation to a solar project in Kelantan” and “Solution said despite the completion of works, the outstanding sum of RM2.5 million remains unpaid by Cypark”.

2. Further reference is also made to Solution’s Announcements which reported amongst others, that Solution’s subsidiary, Solar Solution Sdn Bhd (“SSSB”) had on 30 September 2025 commenced two (2) adjudications against CRESB and Cypark Sdn Bhd (“CSB”).

B. Background Facts and/or Solution’s Claims

As outlined in Solution’s Announcements, the dispute between Parties is in connection with:

1. Adjudication No. 1 against CSB, a wholly-owned subsidiary of Cypark
  • LOA Reference Number: CRE/RE-LSS3/SSSB/LOA/2025-011
  • Date of LOA: 24 January 2025
  • Project Description: Package 8-1(c) – Balance of installation, relocation, testing and commissioning of PV modules, inverter, DC cables and associated works for ground mounted solar system (Phase 2)
  • Project Location: Lot PT 14021, Kg. Jambu Bongkok, Marang, Terengganu
  • Contract Sum: RM3,099,098.50
  • Outstanding Sum in Dispute: RM934,497.77
2. Adjudication No. 2 against CRESB, a wholly owned subsidiary of Cypark
  • LOA Reference Number: CSB/RE-LSS2/DTU/LOA/SSSB/2024-006
  • Date of LOA: 5 August 2024
  • Project Description: Package 1(A) – Installation of floater, PV module, DC cabling, DC combiner box & central inverter with associated works
  • Project Location: Tasik Danau Tok Uban, Jajahan Pasir Mas, Kelantan
  • Contract Sum: RM3,144,831.92
  • Outstanding Sum in Dispute: RM2,503,466.48
C. Clarification to the Article

Pursuant to Rule 9.10 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Securities”), Cypark wishes to clarify and state that the contents of the Article, which relates to Adjudication No. 2, are inaccurate and/or misconceived, given that CRESB has yet to be served with any adjudication claim within the meaning of Section 9 of the Construction Industry Payment and Adjudication Act 2012 (“CIPAA”). Additionally, CRESB is also disputing the two (2) adjudications (“Adjudications”) initiated by SSSB and it follows therefore that any statement which insinuates that a sum of RM2.5 million is payable to Solution, is premature and/or inaccurate, given especially that an adjudication decision has yet to be rendered in both adjudications.

D. Clarification to Solution’s Announcements

1. Cypark, CSB and/or CRESB are disputing and resisting the Adjudications initiated by SSSB.

2. In particular, and in relation to Adjudication No.1, Cypark and/or CRESB clarifies and states that the statement “Following completion of the works, the Outstanding Sum remains unpaid by CYRESB” is premature and/or inaccurate given especially that an adjudication decision has yet to be rendered in Adjudication No. 1.

3. In particular, and in relation to Adjudication No.2, Cypark and/or CSB clarifies and states that the statement “Following completion of the works, the Outstanding Sum remains unpaid by Cypark” is premature and/or inaccurate given especially that an adjudication decision has yet to be rendered in Adjudication No. 2.

4. At as the date hereof, the adjudicator(s) for the respective Adjudications have yet to be appointed and that neither CRESB nor CSB have received any directions on the submission of their respective adjudication response.

E. Financial impact

The on-going adjudication proceedings are not expected to have any material operational and financial impact to Cypark, CRESB, CSB and Cypark’s Group of Companies’ earnings and net assets for the financial year.

F. Measures Taken

Both CRESB and CSB has respectively appointed a reputable legal firm to represent and assist CRESB and CSB in the Adjudications. Cypark will announce any further material developments on the Adjudications as and when they arise including but not limited to an announcement when the Adjudications are finalised.

This announcement is dated 9 October 2025.

 

Announcement Info

Company Name CYPARK RESOURCES BERHAD
Stock Name CYPARK
Date Announced 09 Oct 2025
Category General Announcement for PLC
Reference Number GA1-09102025-00097