Unless otherwise stated, all definitions and terms used in this announcement shall have the same meaning as defined in the announcements dated 5 January 2022, 18 January 2023, 27 January 2023, 31 January 2023, 10 February 2023 and 24 February 2023.

The Board of Directors of the Company wishes to announce that the Company and its subsidiary, MDSB and Respondents (comprised of Shun, MATC and Ong) have reached a full and final settlement to amicably resolve all ongoing court proceedings and had agreed that:

1. The following appeals filed by MDSB in the Court of Appeal to be withdrawn by MDSB with no order as to costs:

    a. Appeal No. W-02(IM)(NCC)-147-01/2023, which is an appeal to the Court of Appeal against the decision of the High Court in allowing Enclosure 18 (Application of Shun to strike out MDSB’s counter claim)

    b. Appeal No. W-02(IM)(NCC)-148-01/2023, which is an appeal to the Court of Appeal against the decision of the High Court in allowing Enclosure 20 (Application of MATC to enter a Summary Judgement against MDSB)

   c. Appeal No. W-02(IM)(NCC)-149-01/2023, which is an appeal to the Court of Appeal against the decision of the High Court in allowing Enclosure 22 (Application of Ong and MATC to strike out MDSB’s counter claim); and

2. The Stay Application filed by MDSB in the High Court to be withdrawn by MDSB with no order as to costs.

In conjunction with the full and final settlement, the withdrawal of the Appeals and the withdrawal of the Stay Application by MDSB, Shun, MATC and Ong have given their respective undertaking not to enforce the following orders/judgement granted by the High Court against MDSB:

1. Shun undertakes not to enforce the costs of RM8,000.00 granted by the High Court to Shun in allowing Enclosure 18;

2. MATC undertakes not to enforce the Summary Judgement granted by the High Court in allowing Enclosure 20; and

3. MATC and Ong undertake not to enforce the costs of RM8,000.00 granted by the High Court to MATC and Ong in allowing Enclosure 22.

(Collectively referred to as “Settlement”)

Subsequent to the Settlement, MDSB, Shun, MATC and Ong shall have no further or other claims or demands against the other party of whatsoever nature or howsoever arising from the aforesaid proceedings.

Save and confined only to the legal cost, the Settlement does not have any material impact to the share capital, net assets per share, gearing, earnings per share and operations of the Company.  

The Company believes that the Settlement is in the best interests of the Company and its stakeholders. The Settlement further enables the Company to put the matter behind and focus exclusively on growing its businesses.

This announcement is dated 17 May 2023.