Emas agrees to settle put option fight with Malaysian associate Perisai
It will pay up for 51% SJR stake if several conditions are met within a certain time limit
Singapore
OILFIELD services provider Emas Offshore has settled a dispute with its Malaysian associate, Perisai Petroleum Teknologi Berhad, over a put option Perisai has exercised to oblige Emas to shell out US$43.03 million to buy over Perisai's entire 51 per cent stake in the two companies' joint venture, SJR Marine.
To settle the dispute fully and finally, Emas agreed on Friday to pay up for the 51 per cent SJR stake if several conditions are met within the next four months or an agreed-upon long stop settlement date, it said in a Singapore Exchange filing on Friday.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
J&J advances US$6.48 billion settlement of talc cancer lawsuits
US holds quarterly debt sale steady, starts buybacks this month
US dollar nears six-month high after pre-Fed data shock, yen steady
KFC parent Yum reports surprise drop in global same-store sales on weak demand
Pfizer lifts 2024 profit view on cost cuts, higher Covid vaccine demand
Shell exits China power market businesses