Koh Brothers Eco Engineering Updates on Legal Proceedings Involving Unit; Shares Down 7%

MT Newswires08-18 12:32

Koh Brothers Eco Engineering (SGX:5HV) provided an update on three legal proceedings involving its subsidiary, Koh Brothers Building & Civil Engineering Contractor, according to a Tuesday filing with the Singapore Exchange.

The first arbitration case involves a joint venture partner, where the unit faces an estimated financial exposure of around SG$20.5 million on the partner's counterclaims. The High Court has dismissed the subsidiary's applications to set aside the underlying awards on Aug. 6, with the dispute over the claims remaining unresolved.

In the second case, a former subcontractor is seeking compensation for damages of SG$9.2 million to SG$13.8 million against the unit, over alleged wrongful termination. The unit has so far denied those claims.

In the third case, the JV partners are claiming about SG$23.3 million against the unit over an alleged failure to pay its share of capital injections under a consortium agreement.

Shares of the environmental engineering and construction company plunged over 7% in Tuesday trading.

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