Energy World Corporation settles arbitral award with Hankuk Carbon Co Limited

Energy World Corporation Limited (ASX: $EWC) has announced that it has reached a deed of settlement with Hankuk Carbon Co Limited (HCC) regarding the arbitral award issued by the High Court of Hong Kong. The settlement involves a payment of US$9.3 million, along with interest and additional costs, as well as HCC's legal costs. The settlement deed also includes repayment terms and conditions agreed upon by both parties.

Executive Commentary on Settlement Deed

The Company and HCC have successfully negotiated a settlement to resolve the arbitral award issue. The agreed payment and repayment terms provide a structured approach to fulfilling the settlement amount. The Company is committed to meeting its obligations and ensuring the stability of its operations.

Summary of Settlement and Financial Arrangements

Energy World Corporation has finalized a settlement deed with Hankuk Carbon Co Limited, agreeing to pay US$9.3 million plus interest and costs. The repayment terms involve instalments, with a portion already paid, and the remaining amount to be secured against the assets of the Company's subsidiary. Additionally, the Company has entered into an unsecured loan facility with Energy World International (EWI) to facilitate the payment and provide working capital. The existing loan facilities with EWI and Slipform Engineering Internation (H.K) Ltd have been extended, ensuring the Company's ability to continue its planned activities with confidence and stability.