China Shengmu Sees Damages Cut in Investment Dispute Ruling; Shares Gain 7%
MT Newswires Live
Aug 04
China Shengmu Organic Milk (HKG:1432) said an appeal court has significantly reduced the damages in a legal dispute tied to a 2014 investment agreement, according to an Aug. 1 Hong Kong bourse filing.
Shares of the raw milk producer gained nearly 7% in Monday's recent trade.
The company and former directors were ordered to pay about 20.3 million yuan, plus interest and fees, down from earlier estimates.
A freeze on certain assets remains until the payment is settled.
Shengmu said the case will not have a material impact on its operations, and legal action against former directors is under review.
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