Reference is made to the announcements made by the Company on  13 March 2020, 11 March 2020 and 17 May 2019   in relation to the land at Geran Mukim 1496, Lot 10320, Mukim 10, Daerah Seberang Perai Tengah, Negeri Pulau Pinang (the “Land”).

Following the termination of the Joint Venture Agreement dated 17 May 2019 (the “JVA”) between Fajar Simfoni Sdn Bhd (“Fajar Simfoni”) and D’nonce Properties Sdn Bhd (“DPSB”, a wholly-owned subsidiary of the Company), DPSB had through its solicitors demanded that Fajar Simfoni withdraws Private Caveat (No. Perserahan 0701B2019001961) (the “Private Caveat”) which Fajar Simfoni had lodged in respect of the Land. Among other grounds, Fajar Simfoni is required under Clause 5.19 of the JVA to withdraw unconditionally the Private Caveat upon the termination, for any reason, of the JVA.  

In view of the failure, default and/or refusal of Fajar Simfoni to withdraw the Private Caveat, DPSB has applied to the Court under Originating Summons No. PA-24NCvC-184-03/2021 (the “OS”) for, among other remedies, the removal of the Private Caveat. The OS is now fixed for case management on 5 April 2021 before the High Court.

This announcement is dated 16 March 2021