The Board of Directors (the “Board”) of Lysaght Galvanized Steel Berhad (“the Company”) refers to the Company’s announcement dated 16 December 2020 (the "Previous Announcement") in which the Company announced that Macsteel International Far East Limited had commenced an arbitration against the Company in relation to three alleged contracts for the sale of steel coils on various dates i.e., 17 January 2020, 18 February 2020 and 24 February 2020. The capitalised terms used herein shall have the same meanings ascribed to them in the Previous Announcement.

The Company would like to announce the commencement of a civil suit against Popeye Resources Sdn Bhd and Macsteel International Far East Limited (collectively referred to as “the Defendants”) for, amongst others, that the three alleged contracts for the sale of steel coils on various dates i.e., 17 January 2020, 18 February 2020 and 24 February 2020 are forgeries  and/or fraudulently prepared (“the Suit”). The Company has filed the Suit before the High Court of Malaya in Kuala Lumpur on 14 January 2021.

None of the Directors and/or major shareholders of the Company and/or persons connected with them have any interest, direct or indirect in the Suit.

The Company will make further announcements on any material development concerning this matter from time to time.

This announcement is dated 15 January 2021.