KUALA LUMPUR HIGH COURT CIVIL SUIT [WA-22C-95-11//2018]

NWP BUILDER SDN BHD (“Builder” or the “Plaintiff”) -vs- LISTARI MARINA (MM2H) SDN. BHD. (the “Defendant”)

Further to the announcement made by the Company on 27 September 2019 regarding the abovementioned matter, the Board of Directors of the Company wishes to announce that by a consent order entered  at the  Kuala Lumpur High Court had on the 3 August 2020, in relation to the original Judgment dated 18 September 2019 entered against the Defendant be amended as follows: -

(1) Defendant to serve the Plaintiff with a notice of arbitration relating to the counter-claim on or before 10 August 2020;

(2) A stay of execution in relation to the original Judgement, inter alia, the sum of RM6.5 million awarded to the Plaintiff and termination of the Turnkey Construction Agreement under the original Judgement including winding-up proceeding until disposal of the arbitration;

(3) Plaintiff is given the liberty to apply for security to be provided during the arbitration;

(4) Costs in cause at the arbitration; and

(5) In the event the Defendant failed to provide the notice as stated under the conditions in Paragraph (1)  above , then the original Judgement will automatically be reinstated.

This announcement is dated 6 August 2020.