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Broadway Industrial Group shares jump after arbitration claims in China rejected

The Edge Singapore
The Edge Singapore • 1 min read
Broadway Industrial Group shares jump after arbitration claims in China rejected
Broadway maintains the results of the arbitration has no material impact on both its FY2023 and FY2024
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Broadway Industrial Group says that an arbitration which came about following the terminated sale of its hard disk business in China, has been concluded.

Shares of Broadway surged by 7.95% to change hands at 9.5 cents as at 4.26pm. 

According to Broadway, citing a Jan 2 notice by the China International Economic and Trade Arbitration Commission, all arbitration claims brought forward by the intended buyers have been rejected. 

On the other hand, all counterclaims by Broadway and related entities had their counterclaims rejected too.

"The award is final and binding upon the Claimants and the Respondents and has come into legal effect on Dec 29 2023," says Broadway.

In addition, the arbitration commission ruled that the arbitration fee of RMB797,551 for the relevant claims is to be borne by the claimants. 

See also: Chasen flags FY2024 loss as logistics property is being rebuilt

Similarly, the counterclaim arbitration fee which amounts to US$21,597, is to be borne by the respondents.

Broadway maintains that the arbitration award has no material impact on its financial performance for the financial year ended Dec 31 2023 and the current year ending Dec 2024.



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