Profil:
Rafako SAJSW's coke coal unit informs Rafako engineering on withdrawal from non-performed part of contract
Listed engineering company Rafako has received from JSW Koks, the coke coal unit of listed coal company JSW, a declaration of withdrawal from the contract for the construction at the Radlin coking plant in the part not yet performed, Rafako said in a market filing.
"JSW Koks indicated that the declaration of withdrawal from the agreement was made, according to JSW Koks' position, in connection with the fulfilment of the prerequisites for withdrawal described in the agreement. Regardless of the above, JSW Koks also states the existence of the code (statutory) prerequisites entitling JSW Koks to withdraw from the agreement," Rafako said in the market filing.
"At the same time, the issuer informs that JSW Koks has announced that it will demand the payment of the contractual penalty provided for in the agreement for withdrawal from the agreement," it added.
According to Rafako, no prerequisites occurred during the execution of the agreement which justified JSW Koks' entitlement to submit a statement of withdrawal.
"(...) The issuer continues to analyse the received statement for compliance with the law and the facts, (...) and is already in a position to state that it fully questions the legitimacy of its submission and will take appropriate legal steps to defend its interests," Rafako stressed.
JSW Koks' contract with Rafako concerned the construction of a coke gas-fired cogeneration unit with a capacity of approximately 32 megawatts of electricity and 37 megawatts of heat.
seb/ ao/