Lion Asiapac Limited (SG:BAZ) has released an update.
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Lion Asiapac Limited has received a notice of arbitration from a purchaser contesting the lapsed agreement for the proposed sale of Compact Energy Sdn Bhd, which failed to receive shareholder approval by the cutoff date. The purchaser seeks either an extension of the cutoff date and completion of the sale or damages for breach of agreement. The company is consulting legal advisors and urges shareholders to exercise caution when dealing in its securities.
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