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.
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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.
