INVESTOR RELATIONS

Naim wishes to announce that its wholly-owned subsidiary, Naim Engineering Sdn. Bhd. (“NESB”) has received payment claims made against NESB under the Construction Industry Payment and Adjudication Act 2012 (“CIPAA”) by the following sub-contractors for the contracts awarded to them:-

1. Isogress Construction Sdn. Bhd. (“Isogress”) was awarded 3 sub-contract works in 2013 for a total sub-contract value of RM50,779,241.  Isogress had on 25 April 2017 issued three (3) separate payment claims totaling RM29,595,135.55 allegedly due under the said sub-contracts.  NESB is instituting a counterclaim of RM45 million against Isogress.
2. H&K Engineering Sdn. Bhd. (“H&K”) was awarded 1 sub-contract work in 2014 for a sub-contract value of RM4,059,783.80.  H&K had on 20 April 2017 issued one (1) payment claim for a sum of RM4,610,378.17 allegedly due under the said sub-contract.   

Naim is of the opinion that the above-mentioned payment claims are baseless and frivolous and  has instructed its solicitors to vigorously contest the matter to defend its interest. Naim will make the relevant announcements to the Exchange in relation to the same in due course.

This announcement is dated 5 May 2017