Ares Asia's Subsidiary Initiates Arbitration Over Coal Purchase Dispute

MT Newswires Live

2025/02/27

Ares Asia's (HKG:0645) subsidiary Ares Asia Resources (AAR), initiated arbitration at the Singapore International Arbitration Centre seeking $3.8 million in compensation against a Singapore-based supplier over a contractual dispute related to a coal purchase agreement, according to a Wednesday filing with the Hong Kong bourse.

AAR is seeking compensation for payments, damages, and related costs. The arbitration also impacts the recovery of $3.3 million in receivables from AAR's end customer.

The two sides entered the agreement in March 2024.

The coal company's shares were 14% higher at the end of trading.

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