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%
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.