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Tee International says arbitral tribunal ruled in favour of unit
TEE International Limited said on Monday that the arbitral tribunal in Singapore has issued an award of B$11.33 million (S$11.33 million) in favour of the company's wholly owned Brunei incorporated subsidiary, PBT Engineering Sdn Bhd.
It is presently evaluating its options with its legal advisers on the steps to be taken to enforce the arbitration ruling. The law suit pertains to its project to build 1,500 houses within 18 months in Tutong district under the National Housing Scheme of Brunei.
But the directors do not anticipate that the enforcement of the award will be finalised by May 31, 2016, hence this is not expected to have any impact on the earnings and net tangible assets per share of the group for the current financial year ending May 31, 2016.