PETALING JAYA: EA Technique (M) Bhd’s share price jumped 13.95% or 6 sen today after dropping its arbitration proceedings against Amaniaga Resources (M) Sdn Bhd yesterday, following the RM600,000 settlement agreed upon by both parties.
At 12.06pm today, the stock which was among the most active counters, stood at 49 sen with 10.97 million shares changing hands.
EA Technique said the withdrawal of the arbitration proceeding is not expected to affect its finance and operations for financial year 2019.
In March last year, EA Technique filed a RM27.4 million suit against Amaniaga for alleged breach of contract to provide services for a floating storage and offloading (FSO) vessel.
EA Technique previously claimed that Amaniaga had breached a contract for the provision of transportation and offshore installation service of a FSO vessel with its mooring and riser system for full field development, North Malay Basin, which was entered into on Jan 29, 2016.
