Reference is made to the Company’s announcements dated 7 September 2015 and 20 February 2020 in relation to the Bills of Demand dated 28 August 2015 from Royal Malaysian Customs (“Customs”).

The Board of Directors hereby announce that following engagement with Customs for an amicable resolution, Customs has revised the excise duty claimed under the Bills of Demand to RM7,213,276.72 after reviewing the elements of the valuation method and that the Company has settled the payment on 11 June 2020.

The financial impact arising from this settlement represents approximately 2.3% and 1.8% of the net earnings and net assets of the Group respectively, based on the audited consolidated financial statements of the Group for the financial year ended 31 December 2019.

This announcement is dated 12 June 2020.