SINGAPORE: Singapore's fourth largest conglomerate, SembCorp Industries Ltd, said yesterday it would book a S$200mil provision after losing an appeal over a ship conversion contract in a London court, triggering a 2% slide in its share price.
SembCorp, 52% owned by the Singapore government, had been embroiled in a nine-year-old legal spat with Switzerland-based Allseas Group over a ship conversion contract, and had already made a S$150mil provision for the case in 1998. – AFX-Asia
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
