Miyoshi Precision subsidiary ordered to pay Neworld

Miyoshi Precision (Malaysia) shall pay to Neworld the costs of arbitration proceedings.

The Board of Directors of Miyoshi Precision Limited made the announcement in relation to the arbitration proceedings instituted by Neworld Electronics Limited against Miyoshi Precision (Malaysia) Sdn. Bhd. for breach of an alleged sale and purchase agreement dated 22 June 2009 for Equipment to be supplied by Neworld at a consideration of US$1,530,000.

The arbitrator has issued the Final Award (Taxation of Costs) and adjudged that MPM shall pay to Neworld the costs of the arbitration proceedings in the sum of Hong Kong Dollars 1,567,556.20 and Taiwan Dollars 143,068.00. The amount is the United States Dollar equivalent at the time of payment.

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