INVESTOR RELATIONS

The Company wishes to announce that its wholly-owned subsidiary, Naim Engineering Sdn. Bhd. (“NESB”) has received a Writ of Summons dated 9 November 2020 together with a Statement of Claim dated 6 November 2020 from Isogress Construction Sdn. Bhd. (“Plaintiff”).

The Plaintiff is claiming for the following from NESB in relation to the Projek Mass

Rapid Transit Lembah Kelang: Jajaran Sungai Buloh-Kajang for S4 and S2 package works.:-

(a) Damages and/or compensation in the sum of RM32,934,735.59;

(b) In the alternative, damages and/or compensation in the sum of RM29,595,406.32;

(c) Cost of engaging an independent quantum expert in the sum of RM237,360.50 and/or the continuous costs until the completion of the present Suit;

(d) As an alternative to the relief in paragraphs (a), (b) and/or (c), any other sum in damages or compensation adjudged or assessed by the Honourable Court;

(e) Interest on any award of damages and/or compensation awarded to the Plaintiff by the Honourable Court at the rate of 5% per annum calculated from 1.12.2014 until full payment of the said damages/compensation;

(f) As an alternative to the relief claimed in paragraph (e), interest on any award of damages and/or compensation awarded to the Plaintiff by the Honourable Court at such rates and for such periods deemed fit by the Honourable Court;

(g) Costs; and

(h) Such further and other relief deemed fit or appropriate by the Honourable Court.

The Company has instructed its solicitors to vigorously contest the claim. The Company notes that the Plaintiff had on 25 April 2017 issued three (3) separate Payment Claim, totalling RM29,595,135.55, under the Construction Industry Payment and Adjudication Act 2012 against NESB; the subject matter of which is similar to that as contained in the Statement of Claim. The Plaintiff failed to and/or did not pursue the matter then after NESB responded with its Payment Response dated 11 May 2017.

The Company will make the relevant announcements on the development of the above matter in due course.

Dated this 16th day of November, 2020