(Unless otherwise stated, the terms used herein shall have the same meaning as defined in the announcement in relation to the Legal Suit by Handal Energy Berhad against Brian Chang, Tracy Chang, Emily Soon Wai Chin, Calm Oceans Pte Ltd and Brian Chang Holdings Ltd dated 1 September 2020)

Reference is made to the Company’s announcements made on 1 September 2020, 3 September 2020 30 September 2020, 11 November 2020 and 28 December 2020, respectively. 
 
Handal Energy Berhad (“Handal” or “the Company”) wishes to announce that at the hearing of the Stay Application held on 22 March 2021 in the Civil Division of the Kuala Lumpur High Court by Zoom hearing, Borneo Seaoffshore Engineering Sdn Bhd (“BSOE”) has withdrawn its action leaving the Company and Handal Engineering Sdn Bhd as the main Plaintiffs wherein the Court allowed the withdrawal with costs of RM5,000.00 without liberty but that BSOE was not precluded from initiating arbitration proceedings against Calm Oceans Pte Ltd.  Further,  the Court dismissed the Stay Application with no order as to costs and directed the Defendants to file their defence by 12 April 2021 and the Plaintiffs Reply by 26 April 2021.  The Court also fixed the Case Management of the Suit on 5 May 2021 to issue pre trial directions.   

Further announcement will be made to Bursa Malaysia Securities Berhad if there is any significant development in respect of this matter.
 
This announcement is dated 24 March 2021.