Lion Asiapac Receives Arbitration Notice Over Dispute on Lapse of Conditional Agreement for Compact Energy Disposal

MT Newswires07-05

Lion Asiapac (SGX:BAZ) received a notice of arbitration from 1207791 BC following the lapse of the conditional share purchase agreement for the proposed disposal of Compact Energy, according to a filing with the Singapore Exchange on Thursday.

The two companies had entered into a conditional share purchase agreement in September 2023, pursuant to which the company will sell all issued shares of its subsidiary for about 49.0 million ringgit.

Based on the cut-off date, precedent conditions for the fulfillment of the sale were not complete which meant that the proposed disposal ceased to be of any effect.

However, 1207791 BC disagrees that the agreement has lapsed and is seeking a declaration that the cut-off date has been extended.

The company is currently reviewing the arbitration claim and aims to defend against it.

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