Further to the announcement made by the Company on 14 July 2020, the Board of Directors wishes to announce that the High Court has partly allowed STAR’s application and ruled that the Company is to pay damages to STAR, being late payment interest at the rate of 8% per annum on the Balance Purchase Price of RM134,500,000.00 from 25 October 2015 to  6 July 2020.

The Company was further advised by its solicitors that in delivering the High Court’s decision: -

1. the High Court did not allow STAR’s claim for payment of RM134,500,000-00 being the Balance Purchase Price;
2. the High Court was of the view that delivery of the STAR’s entitlement  as defined in the Sale and Purchase Agreement dated 19 August 2011, had occurred on 6.7.2020;
3. the High Court did not allow any late payment interest on the Balance Purchase Price thereafter from 6.7.2020
4. STAR’s claim and the Company’s counterclaim had been disposed by the High Court.     

The Company will be appealing against the decision of the High Court and has instructed its solicitors to apply for a stay of execution pending appeal (“Stay Application”). The High Court has on 7 August 2020 granted a stay of execution of the Court Order pending filing of the Stay Application within 14 days.

The Company will make further announcement on the developments of the above matter as and when necessary.

This announcement is dated 10 August 2020.