Stark enters arbitration with 2 firms

SET-listed Stark Corporation is entering an arbitration dispute with German firms Leoni AG and Leoni Bordnetz-Systeme GmbH, which claim €608 million from the company, citing a violation of their sales and purchase agreement.

According to a Stark filing to the Stock Exchange of Thailand on June 12, the case refers to last year’s exercise of withdrawal rights under an agreement between Stark and the German firms.

Following the withdrawal rights exercise, the two firms filed an arbitration case with the German Arbitration Institute (DIS) on March 2, 2023.

The claimants estimated the total claim amount at €608 million. They claimed Stark violated its obligation under the agreement for the purchase price of €598 million, along with preliminary compensation of €10 million.

Stark’s board resolved on June 9 to acknowledge participation in the arbitration case in…