17th Apr 2015 07:08
LONDON (Alliance News) - Southern Africa-focused power company IPSA Group PLC said the Malaysian Court of Appeal has rule in its favour over the appeal made by Iris Ecopower Sdn Bhd, with costs also awarded in IPSA's favour.
IPSA said it is the second time in the Malaysian courts have found in its favour regarding the dispute in relation to the non-refundable deposit paid by Iris for the purchase of turbines that Iris failed to complete.
The company did not provide any details on the amount of costs it was awarded
"I am very pleased that the Malaysian courts have yet again dismissed the Iris claim. This is an important victory for IPSA," said acting Chief Executive Peter Earl.
Shares in IPSA were up 8.3% in early trade to 1.95 pence, one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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