Keppel Pegasus wins $34m arbitral award in dispute with SPH

It filed for arbitration against SPH over the attempt to terminate an agreement.

Keppel Pegasus, a wholly-owned subsidiary of Keppel Limited, won an arbitral award of $34m in its dispute against Singapore Press Holdings (SPH).

The arbitration amount will also include interest from 29 April 2022, when Keppel Pegasus requested payment of a break fee under its implementation agreement with SPH, accruing at a rate of 5.33% per year until the payment is made.

The arbitral tribunal will decide on the costs in a separate ruling.

In February 2022, Keppel Pegasus filed a notice of arbitration against SPH, now known as Cuscaden Peak Investments Private Limited, over its attempt to terminate the Keppel Implementation Agreement.

The implementation agreement was signed as part of Keppel Pegasus's proposal to acquire SPH through a scheme of arrangement.