(Unless otherwise stated, all abbreviations used herein shall have the same meaning as those mentioned in the announcement dated 08 April 2021 in relation to the Notice of Arbitration served on Trans Pacific Textile (M) Sdn Bhd (hereinafter referred to as “Announcement”))

Further to the Announcement, the Company wishes to inform that the LAD of RM6.52 million was deducted from the Project’s remaining value of work done certified by the Architect. PTLSB is claiming in the Arbitration amongst others, for the recovery of the LAD of RM6.52 million which they claimed as unreasonably and unlawfully deducted despite the learned Adjudicator had concluded that TPT is entitled to the LAD of RM6.52 million.

TPT is not a major subsidiary of the Company and the total cost of investment in TPT is RM74.75 million. The Project cost had been provided for and hence, the expected losses arising from the Arbitration would be the interest, legal cost or such other reliefs as the arbitral tribunal may decide.

This announcement is dated 09 April 2021.