The Board of Directors of EVD wishes to announce that EV-Dynamic Sdn. Bhd., a wholly-owned subsidiary of the Company, had on 18 December 2025, received the sealed Writ of Summons and Statement of Claim both dated 16 December 2025 filed by Messrs Yi Wen & Co on behalf of Saiyo Technologies (Malaysia) Sdn. Bhd. (“Plaintiff”) against EV-Dynamic Sdn. Bhd. (“Defendant” or “EV-Dynamic”).

EV-Dynamic is not a major subsidiary of the Company.

Further details of the Writ of Summons and Statement of Claim (“Litigation”) are amongst others, as follows:

1. Particulars of the claim made by the Plaintiff

(a) the sum of RM2.50 million, being the work carried out for the Defendant in relation to Intelligent Operation Centre (“IOC”) system for the project known as Smart Building Intelligent Operation Centre (IOC) for Sunway Quay Square (“Smart Building Project”);

(b) an account of all profits earned from the awarded IOC project to the Defendant dated 5 January 2024 derived from the Plaintiff’s work and services for breach of fiduciary duty;

(c) equitable compensation to be assessed by the Court for breach of fiduciary duty;

(d) alternatively, general damages for unjust enrichment and aggravated damages;

(e) interest at the rate of 5% per annum calculated on RM2.50 million from the date of the Writ of Summons until the date of judgment;

(f) interest at the rate of 5% per annum calculated on RM2.50 million from the date of judgment until full realization;

(g) cost; and

(h) such further and/other relief as the Court deems fit.

2. Details of the circumstances leading to the commencement of the Litigation

The Defendant issued a Letter of Intent dated 12 January 2024 (“LOI”) to appoint the Plaintiff as its sub-contractor for the IOC works under the Smart Building Project, expressly stating that a Letter of Award (“LOA”) shall only be issued subject to the finalisation of the terms and conditions. However, the terms and conditions of the LOA were never finalised between the parties. Subsequently, on 15 August 2024, the Defendant issued a letter revoking the LOI. 

The Plaintiff thereafter issued letters of demand dated 1 July 2025 and 11 August 2025 to Defendant demanding payment of RM2.50 million. The Defendant, by its letters dated 21 July 2025 and 24 September 2025 denied the Plaintiff’s allegations and disputed the Plaintiff’s purported claims of RM2.50 million in entirety, including but not limited to the grounds that no contract was ever made between the parties and the Plaintiff did not carry out any IOC works.

3. Financial and operational impact of the Litigation

As at the date of this announcement, the Litigation is not expected to have material financial impact (except for the potential liability to RM2.50 million and such other claims as outlined under item (1) above) and does not have any operational impact on the Group.

4. The estimated losses, if any arising from the Litigation

The expected losses, if any, arising from the Litigation is RM2.50 million and such other claims as outlined under item (1) above.

5. Steps taken and proposed steps to be taken in respect of the Litigation

EV-Dynamic is currently seeking legal expert advice to rigorously defend its position in this civil suit. The Court has fixed the matter for case management on 19 January 2026.

The Company will make further announcement on any material development on this matter in due course.

This announcement is dated 19 December 2025.