Further to the updates on material litigation in the 4th quarterly report for the financial year ended 31 March 2013 announced on 20 May 2013, the Board of Directors of Diversified Gateway Solutions Berhad wishes to inform that the matter has been amicably resolved between the parties and pursuant thereto, ISS (M)s solicitors have on 6 August 2013 written to the Arbitrator to inform him that the parties have reached an amicable settlement and that both parties jointly apply for an order for termination of the arbitration proceedings on the following terms:-
(i) both parties withdraw their respective claims and counterclaims in the arbitration, with no liberty to file afresh;
(ii) both parties shall bear the fees and costs of the arbitrator as well as any costs relating to reservation of rooms for the arbitration in equal shares; and
(iii) both parties shall bear their own costs relating to the arbitration.
The parties are now awaiting the Arbitrators response for purposes of finalising the settlement.
This announcement is dated 13 August 2013.