Reference is made to the Company’s quarterly report dated 27 February 2024 on consolidated results for the financial year ended 31 December 2023 on the above subject matter. 

RESB, a wholly-owned subsidiary of the Company, is the registered and beneficial proprietor of approximately 6,454 acres of land in the District of Kinabatangan, Sabah, designated as CL095310017 (“the Land”). 

On 16 January 2012, Mr. Heng Chin Hing @ Wong Chin Hing (NRIC No. H0699157/570811-12-5731), claiming to act under a power of attorney dated 8 February 1977 (“Alleged PA”), purportedly sold the Land to Excess Interpoint Sdn Bhd (“EISB”) through a sale and purchase agreement (“Purported SPA”).  Based on this agreement, EISB placed a private caveat on the Land on 3 April 2012.

In response, RESB initiated legal proceedings in the High Court, Kota Kinabalu (“KK RESB Suit”) against both Mr. Heng and EISB, seeking the following:

• A declaration that RESB is the rightful owner of the Land;
• Nullification of the Purported SPA and the Alleged PA;
• An injunction to prevent Mr. Heng from conducting further transactions or completing the Purported SPA;
• An injunction against EISB regarding any actions related to the Alleged PA;
• Legal costs and any other relief deemed appropriate by the Court.

This morning, the Kota Kinabalu High Court delivered its ruling.  The High Court ruled in favour of RESB, affirming its ownership and invalidating the Purported SPA and Alleged PA.  The Court awarded RESB costs of RM40,000.00, payable by both Mr. Heng and EISB.  

Separately, Chee Ah Nun @ Sia Yi Chan (NRIC No. 550808-12-5663) filed a suit against RESB at the Kota Kinabalu High Court (“KK Suit”), claiming ownership of the Land based on an alleged deed of appointment of substitute attorney by Mr. Heng dated 24 June 24 2010 (“Alleged Deed of Substitution”).  Mr. Chee’s claims were predicated on the assertion that Mr. Heng had transferred all his interests in the Land to him under the Alleged PA.

Mr. Chee sought:

• Recognition of his ownership and immediate possession of the Land;
• An order for RESB to cease harvesting and removing any items from the Land;
• Legal costs and other appropriate relief.

This morning, the Kota Kinabalu High Court also delivered its ruling.  It dismissed Mr. Chee’s ordering Mr. Chee to pay costs of RM40,000.00 to RESB.

These judgments confirm RESB’s ownership and legal rights over the Land, providing a significant legal victory for the Company.

This announcement is dated 24 April 2024.