SHS Holdings (SGX:566) subsidiary, Nanning Tidal Aluminium, reached a settlement with a construction contractor in China over disputed payment for its recycled aluminum factory in Guangxi, according to a Friday filing with the Singapore Exchange.
After taking into account payments previously made by Nanning Tidal of about 44.7 million yuan, Nanning Tidal has agreed to pay another 89.4 million yuan to the contractor, which had sought 113.9 million yuan.
Meanwhile, the company's other subsidiary, Guangxi Tidal Precision Technology, has provided joint and several guarantee liability for payment obligations.
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