HK Stock Market Move | IRC (01029) rose more than 7%, reaching a settlement with LLC KS GOK.
Iron goods (01029) surged more than 7%, rising 7.06% as of the time of writing, to 0.091 Hong Kong dollars, with a trading volume of 788,100 Hong Kong dollars.
IRC(01029) rose more than 7%, rising 7.06% at the time of publication, to 0.091 Hong Kong dollars, with a turnover of 78.81 million Hong Kong dollars.
On the news front, IRC announced on January 23, 2025, that LLC KS GOK and its engineering procurement and construction contractor have agreed to mutually release all claims (including interest and legal fees) related to the dispute, and will withdraw all proceedings related to the dispute.
Due to the settlement, the Group expects to gain a one-time income (unaudited) of approximately 46.4 million US dollars, mainly due to reversing the accrued construction costs of approximately 22.7 million US dollars and accrued interest of approximately 23.7 million US dollars recorded in the company's management accounts as of December 31, 2024. The actual income to be obtained by the Group under the settlement agreement shall be subject to final verification by the company's auditors before being recognized.
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