Sembcorp Industries’ wholly-owned subsidiary, Sembcorp Cogen, has entered into a settlement agreement with Universal Terminal and UT Singapore Services over ownership of gasoil reserves.
The lawsuit first commenced in April 2020 when Sembcorp Cogen terminated its gasoil supply and storage agreement with Hin Leong Trading.
Sembcorp Cogen obtained a court order then to restrain Universal Terminal from moving, removing or disposing of any of the gasoil reserves it claims, and to ensure that the reserves are stored separately from any other gasoil.
Now five years later, all parties have agreed to the full and final settlement of the claims against UT, the terms of which are confidential.
Sembcorp says that the settlement agreement is not expected to have material impact on the company's earnings per share and net tangible assets per share for the FY2025.
Shares in Sembcorp closed 6 cents higher or 0.902% up at $6.71 on May 27.
