The Company wishes to announce that Metronic Engineering Sdn Bhd (“MESB”), a wholly-owned subsidiary of the Company, was served with a winding-up petition on 4 December 2019 (“Petition”) by Eric Boon Chuan Kit (“Petitioner”) through his solicitors.

Particulars of the Claim/ Details of circumstances leading to the filing of the Petition

The Petitioner claims that MESB was indebted to the Petitioner for a sum of RM178,000.00 based on the judgement given by Industrial Court at Kuala Lumpur in Case No. 4/4-544/18 on 29 January 2019 and for a sum of cost amounting to RM5,000.00 based on the judgement given by High Court at Kuala Lumpur on 1 August 2019.

MESB, has paid a total sum of RM101,500.00 in favour of the Petitioner, being part payment of the judgement sum and cost.

Pending payment of the remaining judgement sum and cost of RM81,500.00, the Petitioner proceeded to file the Petition.

Financial and Operational Impact of the Petition

The amount claimed by the Petitioner is relatively immaterial to the value of the assets of MESB and will not in any way jeopardize its business operation.

Steps taken/ to be taken in respect of the Petition

The Company is seeking legal advice and any material development on the matter will be announced accordingly.

The Court has fixed a case management on 13 December 2019 at Mahkamah Tinggi Kuala Lumpur.

This announcement is dated 6 December 2019.