Reference is made to the Company’s announcement dated 31 March 2022.

As previously announced on 11 March 2019, a wholly owned subsidiary of the Company, HCM Engineering Sdn. Bhd. (“HCM”) has filed a legal suit at the Kuala Lumpur High Court against Kuasatek (M) Sdn. Bhd. (“Kuasatek”) (“Legal Proceeding”).

Pursuant to the Judgment on 31 March 2022, the Court has fixed 22 April 2022 for submission/clarification by the parties’ Solicitors before the Court Judge of the Judgment Sum awarded to HCM.

The Company wishes to announce that upon hearing the oral submission/clarification from HCM’s Solicitor, the Court held as follows:

1) The Judgment Sum has been revised from RM584,279.67 to RM986,248.89 being the correct and accurate overpayment made by HCM to Kuasatek; 

2) An interest at the rate of 5% per annum will be imposed on the Judgment Sum from 22 April 2022 until full and final settlement of the Judgment Sum; and 

3) Legal costs of RM60,000.00 is awarded to HCM due to the complexity, amount of work and time used for the entire Legal Proceeding.