Unless stated otherwise, definitions used in this announcement shall carry the same meanings as defined in the previous announcements dated 13 January 2022 and 17 January 2022 (“Announcements”).

Further to the Announcements made by the Company in relation to the Litigation, the Company wishes to announce that AJSB has on 30 June 2022 been notified by its appointed solicitors that the Adjudicator has on 30 June 2022 determined and delivered his Adjudication Decision in favour of AJSB. The Adjudicator’s Decision are as follows:-

(a) Impero Land shall pay AJSB’s Claim amounting to RM4,491,137.48 by 7 July 2022. Interest thereafter on the full amount or part thereof outstanding shall run at 5% per annum until realization;

(b) Impero Land shall pay to AJSB costs as follows:

i. AJSB’s portion of cost of adjudication amounting to RM30,300.00 which consists of:
Adjudicator’s Fees: RM25,000.00.
AIAC Administrative Fees: RM5,300.00.

ii. AJSB’s legal fees amounting to RM76,850.00 which consists of:
Legal Fees: RM75,000.00.
Disbursements: RM1,850.00.

iii. Impero Land shall make payment to AJSB for costs by 7 July 2022. 

The Company will make the appropriate announcements to Bursa Securities as and when there are material developments in relation thereto in accordance with the ACE Market Listing Requirements of Bursa Securities.

This announcement is dated 30 June 2022.