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FINWIRES

China International Marine Containers Settles Goodpack Dispute; Hong Kong Shares Slip 4%

-- China International Marine Containers (HKG:2039, SHE:000039) settled its dispute with Goodpack and entered into a sales contract worth up to $60 million, according to an April 17 Hong Kong bourse filing.

Hong Kong-listed shares of the shipping equipment provider were down over 4% in Monday morning trade.

Under the deal, a subsidiary will pay $2 million, while Goodpack will purchase intermediate bulk containers with a three-year interest-free credit period on each order.

The dispute stemmed from claims filed in Singapore involving alleged breach of confidence and related damages totaling nearly $29.7 million across litigation and arbitration proceedings.

The company said the settlement is not expected to have a material impact on its profit.

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