14th Aug 2018 11:43
LONDON (Alliance News) - Avanti Communications Group PLC on Tuesday confirmed that the Indonesian government has paid the company USD20.1 million following a court decision made by the London Court of Arbitration in June.
Shares in Avanti were up 6.0% at 5.69 pence each in midday trading.
In early June, the satellite operator was granted USD20.1 million from a tribunal in a case against Indonesia's Ministry of Defence as part of a nearly year-long dispute related to the lease of Avanti's ARTEMIS satellite.
The payment date was originally pushed back from July 31 to Tuesday.
Chief Executive Officer Kyle Whitehill said: "We thank the government of Indonesia for its payment of the outstanding sum due to Avanti Communications, following our earlier support of Indonesian satellite communications plans which utilised our now decommissioned Artemis satellite. With this issue resolved and HYLAS 4 about to come on-stream, Avanti goes forward".
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