Arbitrational award rendered to the benefit of ABAX Group AS concerning an insurance claim in connection with the acquisition of ABAX Holding AS
Larvik, Norway| ABAX Group announces Arbitrational Award
On 8 April 2021, a Tribunal in an Arbitration Case administered by the Dispute Resolution Institute of the Oslo Chamber of Commerce, rendered to the benefit of ABAX Group AS (the "Company"), an arbitrational award concerning a claim against the insurance provider under the insurance and indemnity policy which the Company had taken out in connection with the Company's acquisition of ABAX Holding AS in 2017. The claim related to an adjustment in the revenues of ABAX Holding AS for a period in time prior to the completion of the acquisition. Pursuant to the award, the Company will receive payments of insurance proceeds in an amount of NOK 250 million (of which approx. NOK 14.5 million has been received), together with compensation for costs and interests.
For more information please contact:
David Norton, Chief Financial Officer
Mobile: +47 907 05 812
This information is information that ABAX Group AS is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 10:20 CEST on 9 April 2021.
ABAX is the second-largest telematics company and one of the largest IoT companies in Europe. Our customer base of 35,000, and more than 350,000 subscriptions are constantly growing within our ABAX Global Network.
ABAX is at the forefront of telematics connecting all company assets on an unprecedented level. Our mission is to continually help our customers run their businesses smarter and healthier, making it easy for them to improve efficiency, comply with legislation, and increase profitability.
We are represented in Norway, Sweden, Denmark, Finland, the Netherlands, Belgium, Poland and the UK with headquarters in Larvik, Norway.