Reference is made to the previous announcement made on 18 December 2020.

In regard to the Bills of Demand from the Royal Malaysian Customs Selangor (“Customs”) which were issued to Crestronics (M) Sdn. Bhd. (“CMSB”), a wholly owned subsidiary of the Company for an amount of RM11,131,511.26 for import duties and sales tax on 19 December 2014, the Board of Directors of the Company wishes to provide an update on this matter.

CMSB’ solicitors had attempted to serve the Originating Summons onto Panasonic Manufacturing Malaysia Berhad’s (“PMMA”) premises on 18 December 2020, however the said service was not successful as PMMA’s premises were closed. Thus, CMSB’ solicitors had served the Originating Summons by hand to PMMA’s solicitors today.

The High Court of Malaya (“High Court”) had set a case management on 5 January 2021 for the Originating Summons filed by CMSB at the High Court on 18 December 2020.

The Company will make further announcement if there is any material update on the above said matter.

This announcement is dated 29 December 2020.