JUDGMENT (Court enclosure nos. 1 and 19)A. Background

[1]The defendant company (Defendant) is a subsidiary of Projek Lintasan Kota Holdings Sdn. Bhd. (Prolintas) which is wholly owned by Permodalan Nasional Bhd. (PNB).

[2]The Defendant is in charge of overseeing the construction of, among others, the Damansara-Shah Alam Elevated Expressway (DASH).

[3]By way of a “Letter of Acceptance” dated 4.8.2016, the Defendant had appointed the plaintiff company (Plaintiff) as the main contractor of one package of DASH, ie., “Projek Penswastaan Lebuhraya Bertingkat Damansara-Shah Alam Package DASH - C4 - Construction and Completion of Mainline and Other Associated Works from CH.4983 to CH.9307” (Project). The contract for the Project between the Plaintiff and Defendant (Contract) consists of, among others, the following documents:

(1)“Conditions of Contract” dated 27.2.2017 (COC); and

(2)“Special Provisions to the Conditions of Contract” (SPCOC).

[4]Clause 7 COC provides that the value of the Contract is RM670,000,000.31 (Contract Sum).

[5]The Plaintiff has furnished the following two bank guarantees in favour of the Defendant (2 BG’s):

(1)pursuant to clause 13.1(a) SPCOC, BG no. T807161BG1027454 dated