CSE Global (SGX:544), an engineering services company, said its subsidiary, Hankin Environmental Systems, has settled arbitration proceedings in the US with a customer for $8 million, according to a Monday filing on the Singapore Exchange.
The proceedings, initiated on Sept. 3, were due to alleged delays in Hankin's engineering and installation services, which the company attributed to supply chain disruptions and design changes.
The settlement is expected to materially impact CSE Global's financials for the year ending Dec. 31. The company will record the settlement sum in its 2024 financial statements.
Shares of the company were down 12% in recent trade.
Price (SGD): S$0.42, Change: S$-0.055, Percent Change: -11.70%
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