Kazera Global PLC (AIM:KZG) shares rose 14% on Wednesday after the AIM-listed investment company secured a $11.9 million arbitration award in a long-running dispute over the sale of its African Tantalum subsidiary.
An arbitrator in Windhoek, Namibia, ruled that Hebei Xinjian Construction, which agreed to buy Kazera’s stake in Aftan in 2022, had breached the contract by failing to pay the full amount due.
Hebei has been ordered to pay $9.2 million in outstanding principal, $1.6 million in accrued interest, and a further $1.1 million in interest calculated to early May, with more accruing until the balance is settled. Kazera was also awarded full legal and arbitration costs.
The ruling brings resolution to a protracted dispute in which Kazera had received only $4.1 million of the agreed $13 million sale price.
The company retained ownership of Aftan shares as security and launched arbitration in September 2024 after other attempts to resolve the matter failed.
Kazera said the outcome validates its position and clears the path to recovering the remaining value of the deal.
The shares were changing hands for 2.03p.