Darco Water Technologies said Monday its shareholders Wang Zhi, Sofos Infrastructure Investment Fund SPC and Robert Stone have “reached an understanding on their previous differences raised and more critically, parties have reaffirmed their mutual desire for the company to grow and prosper.”
Minority shareholders including Sofos Infrastructure and Robert Stone had filed an application to the Singapore High Court for permission to bring legal proceedings against Wang in Darco’s name, the company said in a filing to SGX Monday.
Sofos Infrastructure and Stone had also raised complaints and allegations with the Commercial Affairs Department (CAD) of the Singapore Police Force, Securities Investor Association (Singapore) and SGX RegCo, the filing said.
The application to the High Court was dismissed in September, Darco said.
Wang had also commenced legal proceedings against Sofos Infrastructure and Stone for defamation, Darco said.
Darco said the disputes have reached a resolution.
“Sofos and Mr. Robert Stone now recognise that Mr. Wang Zhi has at all material times sought to act in the best interests of Darco, and that Darco stands to benefit from his positive contributions in the future,” Darco said. “Parties have reaffirmed their mutual desire for Darco to grow and prosper and look forward to working to ensure Darco’s continued success.”