Blue Star Oman Arbitration Award Dismisses WJT Claims

Blue Star Ltd has provided an update on arbitration proceedings initiated by W.J. Towell & Co LLC (WJT) concerning the management of Blue Star Oman Electro Mechanical Company. The Arbitrator previously issued an award in favor of Blue Star, dismissing all claims made by WJT, which initially amounted to OMR 103,18,000 and was later revised to OMR 2,11,80,748 (approx. Rs 461.74 crores). WJT has now approached the Dubai Court of Appeal seeking annulment of this award. Blue Star believes the grounds for annulment are baseless and will make submissions before the court. The company considers this a subsequent development and not a material update, as annulment proceedings do not reconsider the merits of the award.