Bursa Announcement

Reference is made to the Company’s announcements on 3 March 2021, 30 March 2021, 22 October 2021, 12 May 2022 and 18 December 2024 pertaining to the legal suit received from Betanaz Properties Sdn. Bhd. [Company No. 201201025590 (1010080-V)] (“the Plaintiff”) in the High Court of Malaya in Kuala Lumpur.

The Company wishes to announce that the Company had filed both the Notice of Appeal and the Stay Application for a stay of execution of the High Court decision on 23 December 2024. On 7 January 2025, the High Court had granted the Company a conditional stay with payment of the judgment sum amounting to RM18,678,255.27 to be made to Betanaz Properties Sdn Bhd (“Betanaz”)’s solicitors as stakeholders in an interest-bearing account and the legal costs for the sum of RM200,000 awarded to Betanaz and RM100,000 to Ahmad Zaki Resources Berhad, respectively, latest by 28 January 2025.

The judgment by the High Court on 16 December 2024 will be stayed pending appeal at the Court of Appeal. The financial impact will be a cash outflow equal to the amount of the judgement. There is no operational impact to the Company.

The Company will make the necessary announcements if there is any further updates or development on the above suit.

This announcement is dated 8 January 2025.