The Board of Directors of Advancecon wishes to inform that the Company had on 7 March 2023 received the Originating Summons No. WA-24NCC-123-03/2023 served against the Company and Dato’ Phum Ang Kia (“Defendants”) by Mr. Lim Swee Chai (“Plaintiff”) via its Solicitors, Messrs. Beh & Co.

The Plaintiff is seeking and claiming the following: -

(a) a declaratory order to declare that Dato’ Phum Ang Kia does not hold at least 10% of the paid-up capital of the Company carrying the rights to vote at the general meeting pursuant to Section 311 of the Companies Act 2016 as required by Clause 72 of the Company’s Constitution and has no rights or locus standi to issue the “Notice of Requisition” dated 25.06.2022;

(b) a declaratory order to declare that the said “Notice of Requisition” dated 25.06.2022 issued by Dato’ Phum Ang Kia does not fulfilled the requirements in Clause 72 of the Company’s Constitution and Section 311 of the Companies Act 2016;

(c) a declaratory order to declare that the “Notice of Requisition” dated 25.06.2022, the “Notice of Extraordinary General Meeting”, the Extraordinary General Meeting (“EGM”) held on 09.08.2022 and all actions and proceedings subsequently derived from the said “Notice of Requisition” are unlawful and null and void;

(d) general damages to be assessed by the Court and paid by the Defendants jointly and/or severally to the Plaintiff forthwith;

(e) the Defendants jointly and/or severally forthwith pay costs to the Plaintiff; and

(f) any other relief or order that this Honourable Court deems fit and proper.

The case management by way of e-Review is fixed on 20 March 2023 at 9.00 a.m.

As of the date of this announcement, the litigation is not expected to have any material financial and operational impact to the Group.

The Company is seeking the necessary legal advice to defend on this matter.

Any further material development of the above matter will be announced in due course.

This announcement is dated 8 March 2023.