Further to the announcement made on 2 October 2023, the Board of Directors of the Company wishes to inform that Grand Dynamic Builders Sdn. Bhd. (“GDBSB”), a wholly-owned subsidiary of the Company, had filed in an application to the Kuala Lumpur High Court inter alia:-

(a)  to be given leave to intervene in KSK’s ex-parte application;

(b)  for intitulements of cause papers in KSK’s ex-parte application to include GDBSB’s name;

(c)  to set aside the Court Order for KSK to summon a creditors’ meeting for purposes of a scheme of arrangement; and

(d)  to set aside the Court Order to restrain further proceedings in any action or proceeding against KSK.

GDBSB was notified by its solicitors today that the High Court had granted leave to GDBSB to intervene, for intitulements of cause papers to include GDBSB’s name, and ordered that the Court Order to summon a creditors’ meeting for purposes of a scheme of arrangement, and the Court Order to restrain further proceedings in any action or proceeding against KSK, be set aside with costs to GDBSB.

Further announcements will be made to Bursa Malaysia Securities Berhad as and when there are material developments in relation thereof.


This announcement is dated 21 December 2023.