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Wai Chun, Unit Settle Island Sky Property Dispute

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-- Wai Chun (HKG:1013) and its subsidiary Wai Chun Bio-Technology (HKG:0660) agreed to pay HK$4.2 million to settle a lawsuit filed by Island Sky, the firms said in Hong Kong filings Thursday.

Wai Chun shares fell over 14% in late morning trade Friday, while Wai Chun Bio-Technology declined 3%.

The firms were previously ordered by the Hong Kong High Court to pay about HK$2.7 million plus interest each to settle claims brought by Island Sky.

The penalty represented 50% of mesne profits, rent, and related charges for premises at Admiralty Centre covering the period from Sept. 16, 2022, to April 27, 2023.

The firms said they filed a court summons asking the court to dismiss a planned appeal against the judgment and cancel upcoming hearings scheduled for June 11 and Aug. 15.

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