Broadway Industrial Group announced, on March 13, that the lifting of the freezing order has been granted with effect from March 4. The freezing order refers to Broadway's subsidiary, BIGL Asia's shares in BIGL Technologies (Wuxi), which were declared to be frozen from Oct 27, 2021 to Oct 26, 2024.
The notice of the lifting of the order was delivered through its subsidiary BIGL Asia’s Chinese legal counsel on March 12.
The news comes after Broadway announced, on Jan 3, that the arbitration claims, which stemmed from the terminated sale of its hard disk business in China, were rejected by the Chinese court.
Shares in Broadway closed at 10.8 cents on March 12.
