Reference is made to the announcements dated 10 October 2018 and 25 February 2019.

The Board of Directors of NPS wishes to announce that NPS had on 21 January 2021 served a notice on OMSB for the payment of RM561,007.80 (“Demanded Sum”) as OMSB had failed to pay NPS the adjudicated sum of RM437,600.00 (“Adjudicated Sum”) awarded on 28 January 2019 by the Adjudicator appointed by Asian International Arbitration Center.

The Demanded Sum was derived based on the following:

1.   NPS’s claims of RM437,600.00;

2.   Interest rate of 5% per annum on the Adjudicated Sum from 28 June 2017 until 21 January 2021 of RM78,108.60, and which continues for each additional day starting from 22 January 2021 at the rate of RM59.95 per day until the settlement of the Adjudicated Sum;

3.   Costs of adjudication proceedings of RM15,299.20; and

4.   Legal Costs of RM30,000.00.

OMSB is required to pay the Demanded Sum within 21 days from the receipt of the notice. Failing which, NPS will institute a winding-up proceedings against OMSB.

Any material new development on the above will be announced in due course.

This announcement is dated 21 January 2021.