ARES ASIA (00645): SIAC ruling favors AAR

ARES ASIA (00645) has issued an announcement regarding AAR's submission of an application to the Singapore International Arbitration Centre (SIAC), and SIAC notified AAR on February 12, 2025 that arbitration has been initiated concerning a contract dispute where a supplier (as the respondent) has breached the contract under a coal purchase agreement. On March 16, 2026, SIAC issued a final and legally binding arbitration award in favor of AAR. Specifically, the arbitration award stipulates and orders the supplier to: - Pay AAR a refund of US$3.835 million under the coal purchase agreement paid to the supplier. - Compensate AAR for lost profits of US$0.1379 million. - Pay interest on the above refund and compensation at a rate of 5.33% from the date of the arbitration award until full and final payment is made. - Reimburse AAR for its legal costs and expenses of SGD 191,600 and arbitration costs of SGD 85,700. - Compensate AAR for any and all claims brought by the end customer in relation to the coal goods (including all legal costs and expenses incurred by AAR to defend such claims) and ensure ongoing compensation for AAR.