The Board of Directors of Atrium REIT Managers Sdn Bhd, the Manager of Atrium REIT (“the Manager”), wishes to announce that Pacific Trustees Berhad, the Trustee of Atrium REIT (“Trustee”) was served with a Writ of Summons and Statement of Claim on 29 December 2022 (“Writ”), by S L Ng Trading Agency Sdn Bhd, a prospective tenant of Atrium REIT (“Plaintiff”) through its Solicitors, Messrs C. S. Tam & Co. (“Plaintiff’s Claim”).

The Plaintiff’s Claim is in respect of the following:-

1. Specific Performance based on the terms stipulated in the draft Tenancy Agreement, prepared by the Solicitors, Messrs C. S. Tam & Co. on 7 September 2022;
2. The Defendant is required to sign the Tenancy Agreement stated in item (a) above within seven (7) days from the date of the Order;
3. Regardless of whether or not the Tenancy Agreement is signed by the Defendant, the Defendant is ordered to complete the construction of the building in accordance with the Plaintiff’s specification and deliver the vacant possession to the Plaintiff on or before 31 March 2023;
4. The Defendant shall pay the damages to be assessed in addition to or alternatively in lieu of specific performance for the breach of contract;
5.  The interest on the awarded damages at the rate of 8% per annum from the date of Writ until full settlement;
6. Costs; and
7.  Such other reliefs that the court deems expedient

The Trustee has engaged a legal counsel on the recommendation of the Manager and will take the necessary legal action to defend Atrium REIT’s position. Due to the preliminary nature of the suit, the Manager is unable to estimate and assess the financial and/or operational impact on Atrium REIT.

The case management has been fixed on 27 January 2023 via e-review at the Kuala Lumpur High Court of Malaya.

Any material development will be announced accordingly.

This announcement is dated 30 December 2022.