We refer to the Company’s previous announcements dated 18 September 2019, 27 September 2019, 30 September 2019, 7 October 2019, 21 October 2019, 23 October 2019, 24 October 2019, 21 November 2019, 3 December 2019, 6 December 2019, 16 December 2019, 31 December 2019 and 7 January 2020 (“Announcements”). Unless otherwise stated, the terms used throughout this announcement shall have the same meanings as defined in the Announcements.

The Company wishes to announce that the hearing set for 13 January 2020 took place before the Judicial Commissioner, Tuan Nadzarin Bin Wok Nordin in relation to the Amended Winding Up Petition.

The Court did not allow the application to adjourn the hearing of the Amended Winding Up Petition dated 3 January 2020 by MembersOne Venture Fund, a contributory, and proceeded with the hearing of the said Petition.

Upon hearing the parties, the Court allowed the Amended Winding Up Petition as follows:-

a) LBB was wound up by the court under the provisions of the Companies Act 2016;

b) Costs of RM20,000-00 to be paid in favour of the Substituted Petitioner, The Bank of Nova Scotia Berhad;

c) Mr. Lim San Peen has been appointed as the liquidator of LBB; and

d) Deposit to be refunded to the original Petitioner, Desa Potensi Sdn Bhd.

Further announcement on the development of the above matter will be made to Bursa Malaysia Securities Berhad in due course.

This announcement is dated 13 January 2020.