2023-06-12 02:59:28
Stark Corporation Public Company Limited or STARK revealed that according to the company’s notice of the right to revoke the company. As a purchaser under the share purchase agreement between the Company and LEONI AG and LEONI Bordnetz-Systeme GmbH (share purchase agreement) dated December 13, 2022 due to the exercise of the right to revoke the share purchase agreement on March 2, 2023 LEONI AG and LEONI BordnetzSysteme GmbH (collectively Claimant) submitted a dispute regarding the right to rescission to the German Arbitration Institute (DIS).
The Claimants estimated the total amount of money claimed to be 608,000,000 Euro (or approximately 22,619 million baht). and demanded the Company to pay the purchase price under the share purchase agreement in the amount of 598,000,000 euros (or approximately 22,247 million baht) and to pay preliminary damages in the amount of 10,000,000 euros (or approximately 372 million baht).
In this regard, the Board of Directors of the Company resolved on June 9, 2023 to acknowledge the Company to proceed with the arbitration proceedings to protect the legitimate interests of the Company. And approved to proceed with the submission of an objection to the German Arbitration Institute (DIS) which the Company expects to file such objection on June 19, 2023.
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