Reference is made to the Company’s announcements made on 3 March 2020, 6 April 2020, 28 August 2020, 19 January 2021, 29 January 2021 and 12 March 2021.

The Board of Directors wishes to announce that Kelington Engineering (S) Pte Ltd (“KES”) had on 12 April 2021 received a Court Order dated 5 April 2021 from the High Court of the Republic of Singapore and the Court ordered that:

1. KES’s application for set aside the Adjudication Determination dated 3 April 2020 and the Addendum to the Adjudication Determination (Collectively, “the AD”) in relation to Adjudication Application SOP/AA 52 is dismissed;
2. KES’s application for an order to stay the enforcement of the AD pending the disposal of the ongoing arbitration proceedings between KES and Mutiara is dismissed;
3. The sum of S$1,739,893.22 paid into court by KES together with any interest accrued thereon, is to be paid out and released to Mutiara (FE) Pte Ltd (“Mutiara”); and
4. KES to pay the costs of SGD25,000 plus reasonable disbursements to Mutiara.

KES has on 7 April 2021 made a payment amounting to SGD41,709.43 to Mutiara, being payment for the costs plus reasonable disbursements incidental to this Court application.

The Board of Directors is of the view that the conclusion of the adjudication proceeding between Mutiara and KES is not expected to have any significant financial impact on the Company for the financial year ending 31 December 2021.

This announcement is dated 12 April 2021.