Update Against Consent Arbitral Award For Maamba Collieries Limited, Zambia

Nava

27/03/2023 12:57

March 27 (Reuters) - Nava Limited  NAAL.NS :
    * UPDATE AGAINST CONSENT ARBITRAL AWARD FOR MAAMBA
COLLIERIES
LIMITED, ZAMBIA
    * ZESCO DISCHARGED FEW PAYMENTS AS PER TERMS OF AWARD,
AGGREGATING
$33 MILLION AS ON DATE
    * ZESCO PROPOSED MODIFIED PAYMENT SCHEDULE TO DISCHARGE
BALANCE
AMOUNT OF $414 MILLION IN MONTHLY INSTALMENTS FROM APRIL 2023
    * ZESCO PROPOSED TO DISCHARGE $234 MILLION BY DECEMBER 2023
AND
REMAINING $180 MILLION BY DECEMBER 2024
    * MCL CONSIDERS PAYMENT SCHEDULE TO BE MORE FEASIBLE AND
PRACTICAL, AS OPPOSED TO EARLIER PLAN OF FULL PAYMENT BY AUGUST
2023
    * REVISED PAYMENT SCHEDULE IS WITHOUT PREJUDICE TO
CLAIMANTS'
RIGHTS UNDER CONSENT ARBITRAL AWARD

Source text for Eikon:  ID:nNSE63Qd12 
Further company coverage:  NAAL.NS 

 ((Reuters.Briefs@thomsonreuters.com;))