Reference is made to the announcement dated 19 August 2022 on the receipt of Notice of Adjudication from TESB as a member of the unincorporated joint venture known as JAKS-KACC JV (“JKJV”), of which JRB’s subsidiary, JAKS Sdn Bhd had 50% share in the joint venture. The definitions and abbreviations in the said announcement shall apply herein.

The Board of Directors of the Company wishes to announce that an adjudication claim in the sum of RM11,491,322.00 was awarded against JKJV and JKJV is in the midst of filling an appeal against the adjudication decision to protect its interests.

Notwithstanding the above, JKJV has on 23 December 2022 served a Notice of Arbitration to commence arbitration proceedings against TESB and the reliefs sought by JKJV include:

(i)        A declaration that TESB’s self-determination of its employment is wrong and unlawful;

(ii)       General damages arising from the alleged wrongful termination and unlawful self-determination;

(iii)      Loss and damage amounting to RM11,773,250.00;

(iv)      Costs and disbursements;

(v)       Pre-award and post-award interest; and

(vi)      Other reliefs the learned arbitrator deems just and appropriate.

JKJV has proposed the appointment of a single Arbitrator and the arbitration proceedings are to be held at the Asian International Arbitration Centre (“AIAC”), with the seat of arbitration being in Kuala Lumpur.

Further announcements on material developments in this matter will be made in due course.

This announcement is dated 29 December 2022.