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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