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An announcement from China International Marine Containers (Group) Co., Ltd Class H ( (HK:2039) ) is now available.
China International Marine Containers (Group) Co., Ltd. and its subsidiaries have resolved a long-running legal and arbitration dispute with Singapore-based GOODPACK over alleged breach of confidence and conspiracy involving intermediate bulk containers. Under a newly signed Settlement Agreement, all parties will waive existing claims and withdraw court and arbitration proceedings in Singapore once the deal takes effect.
As part of the settlement, Dalian CIMC Special Logistics Equipment has entered into a Sales Contract under which it will pay GOODPACK USD2 million in consideration and GOODPACK will purchase up to USD60 million worth of IBCs from the CIMC unit by the end of 2029. The group expects related interest expenses of no more than about USD4 million over the contract term and does not anticipate any other material adverse impact on current or future profits, turning a legal risk into a commercial supply relationship with clearer earnings visibility.
More about China International Marine Containers (Group) Co., Ltd Class H
China International Marine Containers (Group) Co., Ltd. is a Chinese conglomerate focused on the manufacture of containers, special logistics equipment and related solutions for global shipping and industrial customers. Through subsidiaries such as Dalian CIMC Special Logistics Equipment, the group supplies intermediate bulk containers and other logistics products to international clients including Singapore-based operators.
Average Trading Volume: 4,600,573
Technical Sentiment Signal: Strong Buy
Current Market Cap: HK$63.17B
Learn more about 2039 stock on TipRanks’ Stock Analysis page.