Reference is made to the Company's earlier announcements dated 29 January 2021, 2 February 2021, 2 June 2021, 26 May 2022, 24 May 2023, 14 August 2023 and 22 August 2023 in relation to the Letter of Award dated 29 January 2021 issued by KDN awarding the tender to IITS, the Supplemental Letter of Award dated 11 May 2021, the NIISe Contract dated 25 May 2022, Extension of NIISe Contract Period dated 24 May 2023 and Notice of Termination dated 10 August 2023 with regards to the NIISe Project.

Unless otherwise defined, the terms used herein shall have the same meaning as defined in the earlier announcements.

The Board of the Company wishes to update that upon seeking further independent legal advice, IITS has, on 24 November 2023, via its solicitors, filed a Notice of Arbitration under the Asian International Arbitration Centre (“AIAC”) Arbitration Rules 2023 to refer the disputes with the KDN arising from and in connection with the NIISe Contract to the AIAC for arbitration.

IITS firmly disputes the termination of the NIISe Contract and is taking necessary actions to protect its interest and exercise its legal rights in relation to the NIISe Contract.

Further announcements on any material development of the arbitration will be made to Bursa Malaysia Security Berhad from time to time.

This announcement is dated 24 November 2023.