SEMBCORP Industries&rsquo : S69 0% indirect wholly-owned Indian subsidiary, Green Infra Wind Energy Limited (GIWEL), is in arbitration with its vendor, Siemens Gamesa Renewable Power, over issues and disputes from a composite supply contract and land and site development contract.

 

The contract was entered into by both GIWEL and its vendor to supply, erect and commission a 300MW wind power project consisting of 143 wind turbine generators and associated transmission facilities.

 

Sembcorp said that following various defaults on the part of the vendor, GIWEL terminated the contract and filed a statement of claim against the vendor for 8.2 billion rupees (S$134.1 million) in the vendor&rsquo s FY2023.

 

The vendor later filed its statement of defence and counterclaimed 19.6 billion rupees (S$321.7 million).

 

Both Sembcorp and GIWEL believe that the vendor&rsquo s counterclaims lack merit, and that GIWEL is &ldquo in a strong position to defend the arbitration against the vendor&rdquo .

 

Sembcorp added that no provisions have been made, and the arbitration is not expected to have any material impact on Sembcorp&rsquo s earnings per share or net tangible assets per share for FY2023.

 

SEMBCORP Industries&rsquo : S69 -6.74% indirect wholly-owned Indian subsidiary, Green Infra Wind Energy Limited (GIWEL), is in arbitration with its vendor, Siemens Gamesa Renewable Power, over issues and disputes from a composite supply contract and land and site development contract.

 

The contract was entered into by both GIWEL and its vendor to supply, erect and commission a 300MW wind power project consisting of 143 wind turbine generators and associated transmission facilities.

 

Sembcorp said that following various defaults on the part of the vendor, GIWEL terminated the contract and filed a statement of claim against the vendor for 8.2 billion rupees (S$134.1 million) in the vendor&rsquo s FY2023.

 

The vendor later filed its statement of defence and counterclaimed 19.6 billion rupees (S$321.7 million).

 

Both Sembcorp and GIWEL believe that the vendor&rsquo s counterclaims lack merit, and that GIWEL is &ldquo in a strong position to defend the arbitration against the vendor&rdquo .

 

Sembcorp added that no provisions have been made, and the arbitration is not expected to have any material impact on Sembcorp&rsquo s earnings per share or net tangible assets per share for FY2023.

On Jan 13, Serial System : S69 0% substantial shareholder Sam Goi Seng Hui acquired 300,000 shares at S$0.08 per share.

 

With a consideration of S$24,900, this increased his total interest in Serial System above the 17 per cent threshold, from 16.99 per cent to 17.03 per cent.

 

Serial System is a leading distributor of electronic components and consumer products in Asia. It has one of the largest distribution networks in Asia, with 21 offices and 13 warehouses throughout Asia-Pacific.

 

It also has a wide customer base of more than 5,000, spanning a diverse range of industries such as consumer electronics, household appliances, industrial, telecommunications, electronic manufacturing services, security and surveillance, automotive and medical.

SERIAL System' s Serial System: S69 -0.88% 55 per cent-owned subsidiary Bast Investment is facing pushback from its durian business joint venture (JV) parties regarding a litigation claim, announced the electronic parts distributor late on Monday (Mar 14).

 

Bast Investment had previously filed the claim against the group' s 27.5 per cent-owned Malaysian JV company, Musang Durians Frozen Food, in the High Court of Malaysia.

 

It is claiming about RM15.4 million (S$5 million) for Musang Durians' repayment of an outstanding balance of a shareholder' s loan from Bast, inclusive of unpaid interest.

 

Bast also alleges that Musang Durians' managing director and 40 per cent shareholder, Dato' John Lee Siew Neng, failed to pay a guaranteed amount of RM7.7 million, or 50 per cent of the claim.

 

Both Musang Durians and Lee have responded to the litigation with a Mar 9 statement of defence and counterclaim for RM3.9 million, for alleged outstanding amounts comprising a loss of remuneration and rental owed to Lee by Bast.

 

Both the statement of defence and counterclaim were received by Bast from its Malaysian lawyers on Mar 11.

 

Serial System said it is " confident of success in the litigation and claim" , based on its assessment and after taking into consideration the advice of its Malaysian lawyers.

 

It also believes Musang Durians and Lee' s defence and counterclaim has no sufficient basis, and said Bast intends to " both rigorously pursue the claim and defend the counterclaim" .

 

The group has made full accounting provision for the RM15.4 million claim in its financial statements in the previous years ending December 2020 and 2021. It does not expect the claim, nor counterclaim, to have an adverse material impact on its financial statements for the fiscal year ending December 2022.