NAM TAI PROPERTY INC.
Form 6-K
CONTENTS
The Board of Directors of Nam Tai
Property Inc. (the “Company”), a company incorporated under the laws of the British Virgin Islands, is providing the following updates. Unless otherwise indicated, references here to “$” are expressed in U.S. dollars.
Arbitration Update
As previously disclosed in the
Company’s filings with the Securities and Exchange Commission, on July 28, 2023, the arbitrator (the “arbitrator”) in the Company’s ongoing arbitration (the “arbitration”) with Greater Sail Ltd. (“GSL”),
a wholly owned subsidiary of Kaisa Group Holdings Limited, issued his second partial award, awarding the Company damages of approximately $13 million, plus applicable interest. As also previously disclosed, through a judgment and order dated
December 29, 2023, the High Court of the Hong Kong Special Administrative Region, Court of First Instance granted the Company leave to enforce the second partial award in Hong Kong.
On April 8, 2024, the Company applied for leave to enforce the second partial award in the British Virgin Islands before the British Virgin Islands
Commercial Court in the Eastern Caribbean Supreme Court (the “BVI Court”). In response, on April 19, 2024, GSL applied to the arbitrator, seeking a stay against the Company’s enforcement of the second partial award, pending
the determination of the arbitration. GSL also separately sought a stay before the BVI Court.
Through an order dated May 8, 2024, the arbitrator
denied GSL’s request to stay the Company’s enforcement of the second partial award. Separately, after a hearing on May 9, 2024, the BVI Court also rejected GSL’s application to stay the enforcement of the second partial award.
On May 30, 2024, the BVI Court heard the Company’s application to enforce the second partial award. GSL opposed the application and, again,
sought to stay the enforcement of the second partial award. At the hearing, the BVI Court granted the Company immediate leave to enforce the second partial award in the British Virgin Islands.