Hyflux's subsidiary awarded US$16.1m following arbitration
MAINBOARD-LISTED Hyflux on Monday said SEPCOIII Electric Power Construction Corporation has been ordered to pay its subsidiary, Hydrochem, US$16.1 million following an arbitration dispute.
The order was issued by the tribunal on Aug 31.
It came after Hydrochem commenced arbitration against SEPCOIII regarding disputes which arose out of an engineering and procurement contract dated Aug 28, 2009.
The contract involved the development, design and manufacture of certain units for a desalination facility in Salalah, Oman.
Hyflux said in a filing to the bourse operator that the tribunal will separately determine the issue of interest and costs of the arbitration.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Mixed trading in Asia as investors watch for further macro data; STI down 0.2%
Shareholders raise questions over dividend payout, directors’ salaries at Best World AGM ahead of proposed privatisation
China’s Bank of Communications Q1 profit rises 1.44%
Huawei’s smart car tech offers automakers route to China sales
Electrolux Q1 loss nearly triples on weak demand but beats expectations
DigitalBridge-backed Vantage said to weigh Hong Kong data centres sale