OKP Holdings has been awarded $43.8 million following an arbitration it brought against CPG Consultants, over the roles the different parties played in the 2017 collapse of an expressway viaduct under construction.
Or Kim Peow Contractors, OKP's subsidiary, was the contractor for the job, while CPG Consultants was the design consultant hired for the contract.
The arbitration tribunal has ordered CPG to pay up within 28 days from March 3.
The tribunal further ordered CPG to pay OKP, post-award interest on the sum above, calculated on a simple basis from March 31 until the date of payment, at a rate of 5.33% per annum.
According to OKP, the award is expected to have a positive impact on its financial performance for the current year ending Dec 31.
OKP shares closed at 18 cents on March 6, up 2.89%.
