The Company wishes to announce that its wholly owned subsidiary, Optimal Property Management Sdn Bhd (“OPM”), had received a Notice of Adjudication to refer disputes arising from alleged payment claim under Section 9 of the Construction Industry Payment and Adjudication Act 2012 (“CIPAA”) from its Nominated Main Contractor, Handal Jayabina Sdn Bhd (“Handal”) for a total amount of approximately RM18 million (“CIPAA Payment Claim”) in relation to a project known as ‘Cadangan Membina dan Menyiapkan Pembangunan Akademik untuk Tetuan Kolej Universiti Islam Melaka.

OPM has instructed its solicitors to contest the matter and the Company will be updating the progress as well as releasing the relevant announcement in relation thereto in due course.

This announcement is dated 6 May 2020