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Intraco wins S$6.6m claim in dispute with Timor Global
INTRACO has won a S$6.6 million award following an arbitration ruling in a dispute with privately held Timor Global, the trading company said.
The sum excludes interest and costs, which have yet to be decided by the arbitrator, it said on Wednesday.
The dispute centred around a joint-venture agreement between subsidiaries of Intraco and Timor Global. Intraco's claim was for S$9.8 million in total, of which S$3.2 was already received before the issuance of the arbitration award.
Intraco said it is in consultation with its legal advisers on the next step.
Shares of Intraco were quiet as at 10.50am on Thursday. They last traded at 30 Singapore cents on March 11.