Aspen Settles Dispute with Malaysian State Development Body

MT Newswires06-04

Singapore-listed Aspen (Group) (SGX:1F3) settled a public dispute with Malaysian government development body Penang Development Corp. (PDC) over a request for proposal process, according to a Wednesday bourse filing.

The company had submitted the request in connection with the Batu Kawan Industrial Park 2. However, the government body nominated another company for the project.

On May 22, the company had moved to clarify how the proposal was characterized publicly, which was followed up by a response from PDC.

The disagreement between the two parties centered around the bridge construction component in the proposal. PDC interpreted the commitment to build a bridge as conditional on being granted a first right of refusal over 580 acres of adjacent PDC land.

Now, the two parties have held discussions over the matter and closed the argument, with Aspen accepting the outcome of the process.

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