We refer to the announcement of 16 May 2018.

MMC Corporation Berhad (“MMC”) wishes to announce that Kontena Nasional Berhad (“KNB”), an indirect subsidiary of MMC had on 26 August 2020, been informed by its solicitors that the Shah Alam High Court had delivered its decision in the legal proceedings by KNB against Hood bin Osman on 25 August 2020 (“the High Court Judgment”).

In the High Court Judgment, the Shah Alam High Court partially allowed KNB’s claim against Hood bin Osman, with costs. The Shah Alam High Court found that Hood bin Osman had breached his legal and fiduciary duties to KNB and awarded damages to KNB in the sum of RM6,852,918.13, which includes exemplary damages of RM3,000,000.00.

The High Court Judgment is not expected to have any material effect on the earnings, net assets and gearing of MMC Group for the financial year ending 31 December 2020.

None of the Directors or major shareholders of MMC or persons connected with them has any interest, direct or indirect, in the aforesaid High Court Judgment.

This announcement is dated 26 August 2020.