Reference is made to our announcement dated 02 November, 2018, 07 December, 2018, 09 January, 2019, 13 February, 2019, 18 March 2019, 15 April 2019, 08 May 2019, 12 June 2019, 01 July 2019, 01 August 2019, 03 September 2019, 04 October 2019, 4 November 2019, 04 December 2019, 07 January 2020, 06 February 2020, 09 March 2020, 06 April 2020, 06 May 2020, 05 June 2020 and 03 July 2020 (“Announcements”). Unless otherwise defined, the definitions set out in the Announcements shall apply herein.

The Board of Directors of the Company wishes to inform that with regards to the dismissal of its appeal against the order for sale of the charged land made on 14 May 2020, the Company’s appeal to the Court of Appeal was dismissed on 24 June 2020.   On 25 June, the High Court granted order to the Plaintiff application for directions on sale of the land and fixed the tender on 11 November 2020.

As regards the Plaintiff application for summary judgment and an application to strike out the Company’s counterclaim, on 15 July 2020, the Court allowed the Plaintiff’s application for summary judgement and an application to strike out the Company’s counterclaim.  The Company is preparing to appeal against the Court decision.

As regards the suit by Huang Hong against Affin Hwang, with the Court’s decision allowing Affin Hwang’s application for summary judgment and dismissing the Company’s application to strike out, on 15 July 2020 rendered Huang Hong’s application for consolidation of the two above cases, nugatory. Hence we have instructed our solicitors to withdraw the application to consolidate the cases with liberty to file afresh depending on the positive outcome of the Company’s appeal.

This announcement is dated 04 August 2020.