Brief: CWT International Says Settlement Of Proceedings

CWT International

11/08/2023 16:40

Aug 11 (Reuters) - CWT International  0521.HK :
    * SETTLEMENT OF PROCEEDINGS
    * ON 10 AUGUST CWT SINGAPORE, AMONG OTHERS ENTERED INTO A
SETTLEMENT AGREEMENT
    * CWT PARTIES AND EDF PARTIES AGREED TO SETTLE AGREEMENT
THAT MCM
RETAINS A PAYMENT BY SSPL IN MARCH 2022 OF US$5 MILLION
    * CWT PARTIES AND EDF PARTIES AGREED TO SETTLE CLAIMS IN
PROCEEDINGS BY PAYMENT OF $25 MILLION TO EDF PARTIES
    * PROVISION IN AMOUNT OF US$13 MILLION HAS BEEN MADE IN CO'S
FINANCIAL STATEMENTS FOR YEAR 2021 WITH REGARD TO 2017
LITIGATION
    * CO SHALL MAKE FURTHER PROVISIONS IN FINANCIAL STATEMENTS
FOR FY
2022 AS A RESULT OF ENTERING INTO SETTLEMENT AGREEMENT
    * SETTLEMENT AGREEMENT WILL NOT HAVE ANY MATERIAL ADVERSE
IMPACT
ON ORDINARY OPERATION OF GROUP
    * SETTLEMENT AGREEMENT WILL NOT MATERIALLY AFFECT GROUP'S
FINANCIAL PERFORMANCE FROM AN OPERATIONAL PERSPECTIVE

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