Reference is made to the announcements dated 25 May 2011, 8 August 2011, 28 September 2011, 12 October 2011, 28 March 2012, 24 May 2012, 18 July 2013, 16 August 2013, 20 February 2014, 7 March 2014, 11 May 2015, 3 July 2015, 3 May 2016, 12 April 2017, 28 Jun 2019 and 16 August 2019.
 
The Company wishes to announce that on 22 January 2020 the Company has entered into a Settlement Agreement with Zen Courts following the  court decision announced on 16 August 2019.
 
Accordingly, an upfront sum will be paid along with a property transfer with the balance cash settlement over a payment term of 3 instalments.
 
With this settlement, the disputes with Zen Courts’ relating to their previous 30% shareholding in Bukit Jalil Development, including all litigation pertaining thereto will be completely resolved and upon the full payment of Settlement Amount, there will be no further claims whatsoever against Ho Hup in relation to the Buy-Out Shares and Ho Hup shall be released from all actions, claims and demands whatsoever arising from the dispute concerning the Buy-Out Shares.

The Company is positive that with this announcement of an amicable settlement, the Company will be able to venture forward to work on future business ventures progressively.

This announcement is dated 23 January 2020.