KOP’s subsidiary receives final payment, marking withdrawal from Shanghai Wintastar Project

Catalist-listed KOP Limited’s indirect wholly-owned subsidiary KOP Northern Lights (KOPNL) has received the payment of RMB158 million ($30.6 million) from Shanghai Hong Bin Properties (SHBP) in relation to the net proceeds from the disposal of its investment, marking the closure of its arbitration case involving the world’s largest indoor ski resort in China.

The final arbitration judgement issued on Sept 29 constitutes the complete award of the dispute in arbitration relating to the joint venture corporation, Shanghai Snow Star Properties, with Shanghai LuJiaZui Zhi Mao Investment (SLJZZM) and SHBP.