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