Case closed: Wah Seong says upon the execution of the settlement, Bauhuis will suspend the arbitration proceedings under the London Court of International Arbitration against WCHKL.
PETALING JAYA: Wah Seong Corp Bhd, whose share price surged to a high of RM1.36 – the highest since May 2015 – has announced after market close that it would pay £500,000 (RM2.73mil) to settle a claim with Bauhuis BV.
The company said its indirect unit Wasco Coatings HK Ltd (WCHKL) had on Dec 30 entered into a settlement agreement with Bauhuis by paying the amount as full and final settlement of the claims to the latter.
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