The arbitration proceedings were launched in connection with the sale and purchase agreement (SPA) that was entered into between Q&M’s Malaysia unit, and Tye, Chong and Chan for the acquisition of a 70% stake in AR Dental. It is also related to the shareholders agreement dated July 5, 2013, and the memorandum of deposit dated Dec 24, 2014 for the property owned by Pride Access.
An arbitral award has been made in favour of Q&M Dental Group (SGX:QC7
) ’s wholly-owned subsidiary, Q&M Dental Group (Malaysia) Sdn Bhd.
Q&M’s Malaysia unit had commenced arbitration proceedings with the Singapore International Arbitration Centre against Tye Chee Wah, Chong Vooi Seong and Chan Sing Cheong, the remaining 30% shareholders of AR Dental Supplies, and Pride Access Sdn Bhd.
