We refer to the announcements dated 16 December 2019, 13 February 2020, 27 March 2020, 22 April 2020, 12 May 2020, 19 May 2020, 20 May 2020, 21 May 2020, 29 May 2020, 02 June 2020, 01 July 2020, 10 July 2020, 15 July 2020, 21 July 2020, 27 July 2020, 21 August 2020, 01 October 2020, 25 November 2020, 03 December 2020, 11 December 2020 and 23 December 2020.

The Board of Directors of Seal Incorporated Berhad ("SEAL" or "the Company") wishes to announce that:-

1. Penang High Court Originating Summons No. PA-24C-1-03/2020

a. In respect of the Company's application for stay of the Adjudication decision; and

b. In respect of the Company's Originating Summons to set aside the Adjudication decision

2. Penang High Court Originating Summons No. PA-24C-3-05/2020

a. In respect of the Company's Application for consolidation; and

b. In respect of Wabina's Originating Summons to enforce the Adjudication decision

For the above, both Originating Summons is now fixed for clarification/decision on 02 February 2021.

3. Penang High Court Originating Summons No. PA-24C-2-03/2020

a. In respect of Application for consolidation

b. In respect of the Originating Summons to stay the Adjudication decision

The Court has now fixed the matter for Hearing of Originating Summons on 12 April 2021.

4. Penang High Court Judicial Review No. PA-25-26-05/2020

The Court has now fixed the matter for Hearing for the Interlocutory Application in respect of the intended transfer of the matter to Federal Court on 19 February 2021.

5. Statutory Notice of Demand under Section 466(1)(a) of the Companies Act 2016

A Notice of Demand pursuant to Section 466(1)(a) of the Companies Act 2016 dated 04 January 2021 ("Notice") has been served on SPKL, a wholly owned subsidiary of the Company by Wabina.

Pursuant to the Notice, SPKL is required to pay Wabina the amount of RM7,613,515.46 as at 04 January 2021 within 21 days. The notice was issued pursuant to the Adjudication Decision dated 24 February 2020 in Adjudication No. AIAC/D/ADJ-2825-2019 being interim progress claims by Wabina as the main Contractor to undertake the main building works for a mixed development project on a portion of the land on Lot PT9149, Jalan Sri Permaisuri, Bandar Sri Permaisuri, Wilayah Persekutuan Kuala Lumpur ("the Project") developed by SPKL.

Whilst the decision in respect of the application to set aside the Adjudication's decision is pending in Court, SPKL has taken immediate steps to restrain Wabina from proceeding with the presentation of the winding up petition. We have instructed our solicitor to apply for a prohibitory order against Wabina and ensure the status quo remains. For matter of clarity, we have been advised to state that the notice is mala fide and defective.

FINANCIAL IMPACT ON THE GROUP

Except for the purported  claim for legal cost, interest calculated as of 04 January 2021 and cost of adjudication of RM588,507.16 in the Notice of Demand, the principal sum of RM 7,025,008.30 has been fully provided and accounted for in the financial statements year ended 2020.

On 29 May 2020, SPKL has also deposited RM7,381,333 into our solicitor account as a stakeholder's sum.

Further material development on the matter will be announced accordingly.

This announcement is dated 19 January 2021.