STRONG PETRO subsidiary ordered to pay US$3.97 million after SIAC ruling; faces statutory demand and possible winding-up action

Bulletin Express

Mar 27

Strong Petrochemical Holdings Limited (STRONG PETRO) disclosed that indirect wholly-owned unit Strong Petroleum Singapore Pte Ltd (Strong SG) has received a final arbitration award from the Singapore International Arbitration Centre dated 16 March 2026.

The dispute stemmed from a coal purchase contract signed in early 2024. The arbitral tribunal ruled in favour of the buyer, ordering Strong SG to: • Refund the prepaid cargo price of US$3.83 million. • Pay loss-of-profit compensation of US$0.14 million. • Pay interest on the above sums at 5.33% per annum from the award date until settlement. • Reimburse the buyer’s legal costs of S$0.19 million and arbitration costs of S$0.09 million.

On 19 March 2026, Strong SG received a statutory demand for approximately US$3.97 million and S$0.28 million (plus accruing interest). Non-payment within three weeks could prompt the buyer to file a winding-up petition under Singapore’s Insolvency, Restructuring and Dissolution Act 2018.

The subsidiary is negotiating with the claimant and the parent company is seeking legal advice. Trading in STRONG PETRO shares has been suspended since 31 December 2024 and remains halted.

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