We refer to our announcement dated 31 October 2019 and the announcements stated therein made pursuant to Paragraph 9.19A of the MMLR in relation to the default in payment by Dolomite Power-Shandong (HK) Limited, a wholly-owned subsidiary of Dolomite Technology (HK) Limited which in turn is a wholly-owned subsidiary of DCB, in respect of credit facilities.

The Board of Directors of the Company hereby announce that the Company had in the month of November 2019 continued to update the financial institution numerous times by meeting, email and telephone on the progress made by the Company in disposing of some of its assets in order to generate funds for settlement of the credit facilities. 

The Company announced on 3 June 2019 that Dolomite Industries Company Sdn Bhd (“DICSB”), a wholly-owned subsidiary of Dolomite Berhad which in turn is a wholly-owned subsidiary of the Company had on 3 June 2019 entered into a sale share agreement with Sunway Holdings Sdn Bhd (“SHSB”), a wholly-owned subsidiary of Sunway Berhad for the proposed disposal by DICSB of 100% equity interest in Dolomite Granite Quarry Sdn Bhd (“DGQSB”) comprising 100 ordinary shares for a total disposal consideration of RM125,000,100 comprising a cash amount of RM100 together with advances of RM125,000,000 by SHSB to DGQSB. Currently, both parties are working towards fulfilling the conditions precedent contained in the SSA.

Discussions with certain parties wishing to acquire some of the Company’s other assets are on-going.

This announcement is dated 29 November 2019.