Reference is made to our announcements dated 30 June 2022, 19 July 2022 and 12 August 2022 in relation to the Writ of Summons and Statement of Claim filed vide Kuala Lumpur High Court Civil Suit No.: WA-22NCC-287-06/2022 dated 17 June 2022 (“Suit”).

On 12 August 2022, the Board had announced that the Company has entered into a settlement agreement with Kazuomi Kaneto and DPI Solar 1 Pte Ltd in relation to the Suit (“Settlement Agreement”).

The Settlement Agreement entails the acceptance of reNIKOLA to subscribe for new redeemable preference shares in the Machang Project and Kuala Muda Project in accordance with the deeds of arrangements entered into between reNIKOLA, Idiqa Holding Sdn Bhd and Idiwan Solar, and reNIKOLA, BGMC Corporation Sdn Bhd and Bras Ventures Bhd respectively, and assist on the resolution of the disputes between the relevant parties.

The Board wishes to announce that the Settlement Agreement has been completed in accordance with the terms therein.

The Board wishes to reiterate that the Settlement Agreement is strictly without any admission of wrongdoing and/or liability by the Company arising from the Suit. In addition, the Company does not have any financial obligations pursuant to the Settlement Agreement.

This announcement is dated 26 April 2023