Reference is made to the Company’s announcements made on 15 November 2019 and 20 December 2019 respectively, in relation to the legal proceedings mentioned above. 

The Board of Directors of Top Builders Capital Berhad (formerly known as Ikhmas Jaya Group Berhad) (“Top Builders” or “the Company”) wishes to announce that Ikhmas Jaya Sdn Bhd (“IJSB”), a wholly-owned subsidiary of the Company, had on 1 April 2021 received a Consent Judgement dated 17 March 2021 from the Kuala Lumpur High Court, relating to the global settlement between IJSB, ASM Development (KL) Sdn Bhd [“ASM (KL)”] and ASM Development Sdn Bhd (“ASM”) for the above litigations (the “Settlement”).

The terms of the Settlement are as follows :

(i) ASM (KL) and ASM collectively to pay IJSB the sum of RM4,640,000 as full and final settlement of all claims as follows: 

a) The sum of RM2,000,000 in cash and all payments are to be paid to Messrs Manjit Singh Sachdev, Mohammad Radzi & Partners being the stakeholder for IJSB in 3 instalments as follows :

(i) First instalment of RM500,000 to be paid on or before 31.03.2021;
(ii) Second instalment of RM750,000 to be paid on or before 30.04.2021; and
(iii) Third instalment of RM750,000 to be paid on or before 31.05.2021;

b) The balance of the Settlement amounting RM2,640,000.00 shall be paid by way of contra with 4 units of properties under a project known as Projek Maju KL which value at  RM660,000.00 each. 

(ii) The Judgement vide Civil Suit No. WA-22C-64-08/2018 dated 20.11.2019 to be set aside; 

(iii) The parties are at liberty to apply; and 

(iv) No order on litigation cost.

This announcement is dated 2 April 2021.