Shares of Singapore’s Tiong Woon Corp Holding rose as much as 8% after the engineering and construction firm said Haosen Marine had withdrawn a court claim against its subsidiary, Tiong Woon Oasis.
Tiong Woon shares were up 4% at $0.26 on volume of 12.9 million shares, around 16 times the average full-day volume traded over the past 30 days. The stock has gained 39% so far this year.
Haosen Marine had previously sought an indemnity, payment of damages, costs and any other relief that the court deems fit arising from an accident that occurred during a ship launching operation at a work site, Tiong Woon said in a statement late on Thursday.
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