Varroc Engineering Limited has received a formal intimation from the ICC International Court of Arbitration regarding an arbitration request filed by France-based OPmobility Lighting Holding. The dispute stems from alleged breaches of covenants in a Securities Purchase Agreement originally signed on April 29, 2022, and amended multiple times thereafter.
The arbitration involves Varroc and its wholly owned Dutch subsidiary, VarrocCorp Holding B.V., with OPmobility (formerly PO Lighting Systems) claiming a total of USD 66.4 million, excluding legal costs. The proceedings are being conducted in The Hague, Netherlands.
In an official statement to stock exchanges, Varroc noted that it is currently assessing the matter and exploring legal and contractual remedies. The company stated that the financial impact of the arbitration remains uncertain and will depend on the outcome of the proceedings. Notably, Varroc's Romanian subsidiary also has a pending claim against OPmobility in France.
The company has assured stakeholders that appropriate measures are being taken to protect its interests as the matter progresses.