We refer to the announcement made on 9 February 2026 relating to the execution by AJGE of an agreement with Datuk Ng Kwok Siong ("NKS") for the sale of all the shares owned by AJGE in Bumi Segar Indah Sdn. Bhd. ("Agreement").
The Board of Directors of the Company wishes to announce that AJGE, has commenced legal proceedings against NKS by way of a Writ of Summons and Statement of Claim filed in the High Court of Malaya on 5 May 2026 ("Legal Suit").
A. PARTICULARS OF THE CLAIM
AJGE has initiated the legal proceedings against NKS for, inter alia, breach by NKS to make payment for the sum of RM9,398.141.63, being the balance that has become due and payable on or before 7 March 2026. AJGE is seeking, among others:
1. A declaration that NKS is in breach of the Agreement dated 6 February 2026 as aforementioned on the Company's announcement dated 9 February 2026;
2. An order for NKS to pay RM9,398,141.63, being balance under the Settlement Agreement dated 6 February 2026;
3. Pre-judgement interest at 5% per annum on RM9,398,141.63 from 7 March 2026 until the date of judgement;
4. Post-judgement interest at 5% per annum on RM9,398,141.63 from the date of judgement until the date of full and final settlement; and
5. Costs and other reliefs that the court thinks fit.
B. FINANCIAL AND OPERATIONAL EFFECTS
The Company does not expect any immediate material operational impact arising from the litigation.
The financial impact, if any, will depend on the outcome of the legal proceedings.
C. TIMING OF ANNOUNCEMENT
The Company wishes to clarify that the Writ of Summons and Statement of Claim were filed on 5 May 2026.
At the time of filing, the Company did not consider the litigation to have triggered the prescribed disclosure threshold under the Main Market Listing Requirements ("MMLR") of Bursa Malaysia Securities Berhad.
Following a recent internal reassessment undertaken in the course of an ongoing due diligence exercise, the Company has determined that the amount in dispute meets the applicable threshold for material litigation.
Accordingly, this announcement is made promptly upon such determination.
D. FURTHER DEVELOPMENTS
The Company will make further announcements on any material developments in respect of the above matter in accordance with the MMLR.
The Company remains committed to ensuring compliance with its disclosure obligations.
This announcement is dated 24 June 2026.