< back | 06.05.201615:11 h

Sempermed Joint Venture, Thailand

As already reported, Semperit Group is involved in three arbitrations against its Thai joint venture partner, Sri Trang-Agro Industry Public Co Ltd. Group and the joint venture company Siam Sempermed Corporation Ltd. (SSC), respectively.


As already reported, Semperit Group is involved in three arbitrations against its Thai joint venture partner, Sri Trang-Agro Industry Public Co Ltd. Group and the joint venture company Siam Sempermed Corporation Ltd. (SSC), respectively.

A final award was rendered in favour of Semperit in the arbitration proceeding against the joint venture partners concerning the possibility to pass board resolutions with a reduced quorum. The arbitral tribunal decided that the Sri Trang Group nominated directors of SSC cannot and may not block SSC's decision-making and also the Casting Vote of the Semperit nominated Chairman, by not participating in board meetings.

Further, the joint venture partners are ordered to bear the costs of the arbitration proceedings and of the ICC Court and to reimburse to Semperit an amount of approximately EUR 2.8 million. In case the joint venture partners do not comply with this final award, enforcement proceedings may become necessary. Semperit will, for the time being, not change the current method of consolidation (at equity) in relation to SSC.

Contact:
Martina Büchele
Head of Group Communications
Tel.: +43 676 8715 8621
E-Mail: martina.buechele@semperitgroup.com

Stefan Marin
Head of Investor Relations
Tel.: +43 676 8715 8210
E-Mail: stefan.marin@semperitgroup.com

www.semperitgroup.com
www.facebook.com/SemperitAGHolding
twitter.com/semperitgroup


Contact

Monika Riedel
Director Group Brand Management, Corporate Spokesperson
T +43 1 79777-620