Pertaining to the publications by some news outlets on the status of works in 8 Conlay Project, the Board of Directors of GDB wishes to make an announcement that Grand Dynamic Builders Sdn. Bhd. (“GDBSB”), a wholly-owned subsidiary of the Company had served a suspension notice to Damai City Sdn. Bhd. (“DCSB”) on 16 August 2022, which is pursuant to and within the terms stipulated in the agreement and contract.

Both GDBSB and DCSB are in talks with the aim of resolving the matter amicably.

The Company will make the necessary announcement upon any significant development.

This announcement is dated 29 August 2022.