Ares Asia Limited ( (HK:0645) ) has shared an announcement.
Ares Asia Limited has announced that its subsidiary, Ares Asia Resources Pte. Ltd., has initiated arbitration proceedings against a Singaporean supplier due to a contractual dispute over a coal purchase agreement. The arbitration seeks compensation for damages and costs totaling USD3,833,500. The outcome of this arbitration could impact the recoverability of receivables from an end customer, amounting to approximately USD3,317,000, and potentially affect the company’s financial position. The company is actively seeking legal advice and will update stakeholders as the situation develops.
More about Ares Asia Limited
Ares Asia Limited is a company incorporated in Bermuda, operating in the coal industry through its subsidiary, Ares Asia Resources Pte. Ltd. The company is involved in the purchase and sale of Indonesian Steam Coal, focusing on international markets.
YTD Price Performance: 115.00%
Average Trading Volume: 507,488
Technical Sentiment Consensus Rating: Buy
Current Market Cap: HK$66.2M
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