KUALA LUMPUR: Shares of Wah Seong
Corp Bhd declined 6% in early trade after the company announced that it would pay Dutch firm £500,000 to settle dispute.
Wah Seong announced that it will pay
Dutch pipe coating solutions fabricator and installer Bauhuis BV
£500,000 (RM2.72mil) as part of a settlement agreement, bringing an end
to arbitration proceedings in London between the two parties.
The settlement follows an outstanding
payment claim of €3.9 million by Bauhuis against Wah Seong’s indirect
wholly-owned subsidiary Wasco Coatings HK Ltd.
https://www.thestar.com.my/business/business-news/2018/01/04/wah-seong-shares-fall-4pc-on-settlement-payment/#LRxmKsTkW0i3EyOp.99
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