Financial implications for Spur Corporation following arbitration ruling in joint venture dispute

Spur Corporation has made a R129.5 million provision after an arbitrator awarded GPS Food Group R74.6 million.

Spur Corporation has set aside R129.5 million in connection with a long-running legal dispute with GPS Food Group, which has been awarded R74.6 million in damages over an alleged rib-processing joint venture.

The dispute dates back to 2019, when GPS served summons on Spur Group and Spur Corporation.

GPS claimed that the parties had agreed to establish a joint venture to acquire, develop and manage a rib-processing facility.

The matter was subsequently referred to arbitration.