Varroc Engineering receives RMB 310.5 million from stake sale in JV after enforcement award
By Aditya Bhagchandani Published on May 7, 2025, 15:07 IST
Varroc Engineering Limited has announced that its wholly owned subsidiary, VarrocCorp Holding B.V. (Netherlands), has received RMB 310.5 million (before withholding tax) following the transfer of its 50% stake in Varroc TYC Corporation, British Virgin Islands, to Beste Motors Co. Ltd.
This update follows a favorable enforcement order from the Eastern Caribbean Supreme Court in the British Virgin Islands, implementing an earlier ICC Singapore arbitration award dated December 11, 2024. The original dispute stemmed from alleged breaches by TYC of the 2013 shareholders' agreement and JV articles of association concerning two subsidiaries in China: Varroc TYC Auto Lamps Co. Ltd., Changzhou, and Chongqing.
With this enforcement now completed, Varroc no longer retains interest in the JV subsidiaries and has also been awarded reimbursement for the enforcement proceedings' costs.
The transaction marks a strategic exit for Varroc, closing a long-standing dispute, and helps unlock value from its international holdings without any further claims pending.
Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
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