We refer to the announcement dated 10 August 2023 in relation to the Notice of Adjudication issued under the CIPAA to GOLDEN WAVE SDN. BHD. (“Announcement”). Unless otherwise stated the terms and abbreviation used in this announcement shall have the same meaning as defined in the Announcement.

The Board of Directors of ECOBUILT wishes to announce that EKOBINA had on 20 December 2023 through the solicitors, Messrs Ronny Cham & Co received a copy of the Adjudication Decision dated 12 December 2023 from the Adjudicator.

Following the adjudication under the CIPAA, the Adjudicator had on 12 December 2023 delivered the Adjudication Decision as follows:-

1. GOLDEN WAVE SDN. BHD. (“Respondent”) pays to EKOBINA the total sum of RM23,161,711.46 as payments due and owing pursuant to Interim Certificates No. 12 to 23 (“Adjudicated Sum”);
2. Pursuant to Section 18(1) of the CIPAA, the Respondent bears the Costs of Adjudication in the sum of RM61,289.00 (“Costs of Adjudication”);
3. The Respondent shall further pay EKOBINA’s Legal Costs in the sum of RM30,000.00 (“Legal Costs”);
4. The Respondent shall pay EKOBINA the Adjudicated Sum, Costs of Adjudication and Legal Costs within thirty (30) days from the date of the Adjudication Decision; and
5. In the event the Respondent fails to do so, the Respondent shall pay interest at 5% per annum on the Adjudicated Sum, Costs of Adjudication and the Legal Costs from the expiry of the thirty (30) days from the date of the Adjudication Decision until the date of full and final settlement.

Further announcement will be made as and when there is material development on the above matter.

This announcement is dated 20 December 2023.