1.      Introduction

The Board of Directors of Central Global Berhad ("CGB" or "Company") wishes to announce that Proventus had on 28 November 2025 late evening, received a Notice of Arbitration dated 27 November 2025 (“Notice of Arbitration”) from Aspen.

2.      Background of the Notice of Arbitration

This Notice of Arbitration is premised on the Letter of Award between Aspen and Proventus dated 6 June 2018 (“LOA”) concerning the following project (“Project”):

“Main Contract Works For Proposed Construction Of 1 Block Of 29 Storey Building (Strata) Comprising Of 8 Storey Podium Including 4 Unit Shoplot (Level 1) And Carpark (Level 2 – Level 8) 19 Storey Soho Development (227 Unit) (Level 9 – Level 27) 2 Storey Of Public Facilities (Level 28 – Level 29) On Lots 1248, 1249, 1250 & 1251, Jalan Sungai Pinang, Section 9W, Bandar Georgetown, D.T.L., Penang For Aspen Vision Builders Sdn. Bhd.”

3.      Particulars of Claim

By way of the Notice of Arbitration, Aspen is seeking for, amongst others, the following:

1. An order that Proventus is in breach of the contract;
2. An order that Proventus is not entitled to the sum of RM5,295,291.46;
3. Alternatively, an order that Proventus is only entitled to the sum of RM1,788,787.34;
4. General and aggravated damages;
5. An order that Proventus pays the costs of the arbitration including the legal and other costs incurred by Aspen; and
6. Such further and other reliefs and/or remedies as the Arbitral Tribunal deems fit and proper.

4.      Financial and Operational Impact on Proventus

It is advised by its solicitors that Proventus has a good chance to resist the arbitration commenced by Aspen. Having considered the claims put forth by Aspen and based on the advice of the solicitors, the Board is of the view that there are good grounds to defend the claims and to further pursue a counterclaim against Aspen in the arbitration proceedings. Based on the above, the Board is of the view that the arbitration is not expected to have any material financial or operational impact on the Company. Hence, the Company does not expect to incur any losses arising from the commencement of the arbitration proceedings other than legal cost and the associated costs.

The Company will make the necessary announcements on further developments on the matter (if any) in due course.

This announcement is dated 1 December 2025.