Mubasher TV
Contact Us Advertising   العربية

UAE court orders Grandweld to pay AED 16m to Senergy unit

UAE court orders Grandweld to pay AED 16m to Senergy unit
Grandweld is the plaintiff company
SENERGY
SENERGY
2.90% 31.90 0.90

Mubasher: The cassation court in the UAE has issued a ruling in favor of a 91.053%-owned subsidiary of Senergy Holding, which is listed on Boursa Kuwait.

The UAE court has ordered Grandweld, which is the plaintiff company, to pay AED 16.243 million ($4.42 million) to Senergy’s subsidiary, according to a bourse statement issued on Monday.

This sum of money will be paid besides legal interest of 9% since the day the lawsuit was filed until full repayment.

The financial impact from this ruling will be disclosed on time, Senergy added.