Boustead: Has filed a summons in Sg against Arab Banking Corp to restrain it from disbursing sum of US$18.8m. The purpose is to seek an interim injunction to restrain it from making payment of monies under certain bank guarantees or extending their validity to Bank of Commerce and Dev (BCD)...
Guarantees were initially provided as counter guarantees to the Adv Payment Guarantee and Performance Bond issued to BCD to Dev of Admin Centers in Libya which awarded a $300m contract for a new township…
The prev announcement on 28 Feb relating to financial exposure in Libya did not include this amt due to lack of compelling reasons then to make provisions. The High Court has granted an injunction until date of summons which co will disclose once known…
Earlier exposure was in Libya was projected at $15.5m to $39.6m initially. The new charge of US$18.8 if it materializes, is approx 4.5c per share. Co now trades at $1.02 at fwd P/E 11.4x
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