On 16 March 2026, Ares Asia Limited announced that its wholly owned subsidiary, Ares Asia Resources (AAR), obtained a final and binding arbitral award from the Singapore International Arbitration Centre (SIAC) in connection with a dispute under a Coal Purchase Agreement.

The tribunal ordered the defaulting supplier to: • Refund AAR’s advance payment of US$3.83 million and compensate a further US$0.14 million for loss of profit, bringing the immediate monetary award to US$3.97 million. • Pay interest on the combined amount at an annual rate of 5.33 % from the award date until full settlement. • Reimburse AAR’s legal fees of S$0.19 million and arbitration costs of S$0.09 million. • Fully indemnify AAR against any present or future claims from the end customer related to the disputed coal shipment, including all associated legal expenses.

Prior to the award, the recoverability of US$3.32 million in receivables from the end customer hinged on the arbitration outcome, prompting the company to recognise an expected credit-loss allowance of US$0.85 million for the year ended 31 March 2025. Reversal of this allowance will depend on the successful enforcement of the award.

Ares Asia stated that it is working with professional advisers to initiate enforcement proceedings against the supplier and will issue further updates in accordance with Hong Kong listing requirements.