Further to the Company’s announcement made on 24 May 2023, the Board of Directors of the Company wishes to announce that Citaglobal Energy Sdn. Bhd. (formerly known as WZS Misi Setia Sdn. Bhd.) (“Defendant”), a wholly-owned subsidiary of the Company had on 20 June 2023 received a Writ and Statement of Claim from UMD Energy Sdn. Bhd. (“UMD” or “Plaintiff”) in the High Court of Kuala Lumpur (“Court”) via Suit No. WA-22NCC-411-06/2023 (“Writ”).

Pursuant to the Writ, Plaintiff claimed the following reliefs against the Defendant:-

1. A declaration that the Defendant is not entitled to charge the admin fees of RM1,169,129.42 from the Plaintiff;
2. A declaration that the Defendant is not entitled to charge the interest of RM3,588,518.72 from the Plaintiff as the Defendant is not a licensed money lender;
3. Defendant is to return RM3,500,673.87 to the Plaintiff within seven (7) days from the judgment date;
4. Interest at the rate of 5% per annum from the date of filing of the suit until full payment of the judgment sum;
5. Costs on a solicitor-client basis; and/or
6. Any further and/or other relief which the Court deems fit and reasonable.

Nevertheless, the Company is of the opinion that it has a good defence to the suit and the aforesaid Writ is not expected to have material financial and operational impact on the Company for the financial year ending 31 December 2023.

Further announcements on the material development of the above matter will be made to Bursa Malaysia Securities Berhad from time to time.

This announcement is dated 20 June 2023.