Zhitong Finance App News, Superstar Medical Holdings (02393) issued an announcement containing the latest news on the profit guarantee for the acquisition of 70% equity interest in Guangzhou Shengshiyuan Trading Co., Ltd., one of Sheng Shiyuan's sellers (holding 6% interest in Shengshiyuan) (applicant) requested the company to acquire the relevant share capital rights related to 30% of Shengshiyuan's share capital interest at a cost of about RMB 225.42 million, and claimed from the company RMB 9.0899 million (provisional until May 10, 2023).
The arbitral tribunal commenced arbitration proceedings in November 2023. On February 28, 2024, the arbitration results were decided, and the company received the original written arbitration award on March 6, 2024. The judgment was as follows:
(1) The company paid the applicant RMB 225.405 million in equity transfer;
(2) The company pays the applicant RMB 80,000 in legal fees;
(3) The Company shall pay an arbitration fee of RMB 226,800; and
(4) The arbitral tribunal does not support the claimant's other arbitration claims.
The above arbitration results are final. The company will fulfill its obligation to pay the applicant in respect of the above decision within 30 days from the effective date of the arbitration results. The company will consider applying to the Second Intermediate People's Court of Shanghai to annul the arbitration results decided on February 28, 2024.