INVESTOR RELATIONS

Naim wishes to announce that its wholly-owned subsidiary, Naim Engineering Sdn. Bhd. (“NESB”) has commenced arbitration proceedings against the Ministry Of Education (“MOE”) as the 1st respondent and Sebiro Holdings Sdn. Bhd. (In Liquidation) (“Sebiro”) as the 2nd respondent.

The proceedings were commenced to seek resolution on contractual disputes covering claims in relation to payment for work done including variation and the release of retention sum in connection with the contract entered into between NESB, Sebiro and MOE for the “Cadangan Program Pembinaan, Penaiktarafan dan Pembaikpulihan Sekolah-Sekolah dan Asrama di Negeri Sarawak”  (“School Project”) .  The various schools under the School Project were completed on various dates and Certificates of Practical Completion as well as Certificates Making Good Defect were issued.

The total sum involved in the arbitration, including the retention sum, is estimated to be around RM 12,434,398.15.

There is no operational impact arising from the arbitration.

Further announcement on the development of the above matter will be made to Bursa Malaysia Securities Berhad in due course.

Dated this 24 November 2017