Singapore-based Petra Foods has filed a notice of arbitration with the Singapore International Arbitration Centre to resolve disputes in connection with the amended and restated sale and purchase agreement (SPA) dated 30 June 2013 with French chocolate manufacturer Barry Callebaut.
In its latest update, Petra Foods said it disputed the attempt by Barry Callebaut to seek various adjustments to the completion amount paid by the latter to the company under the SPA.
Petra Foods, which filed the notice of arbitration through its lawyers Drew & Napier, further confirmed to provide updates if there are material developments.
Furthermore, Petra Foods said that its subsidiary Delfi Cocoa Cote d'Ivoire (DCCI) has commenced dissolution process.
DCCI was established for the purposes of cocoa bean sourcing and processing; and with the divestment of the cocoa ingredients division, the unit no longer serves its purpose, the company said.
