Kuala Lumpur High Court Civil Suit No. WA-22NCC–68–02/2016 [consolidated with Kuala Lumpur High Court Civil Suit Nos. WA-22NCC–69–02/2016, WA-22NCC–70–02/2016, WA-22NCC–71–02/2016 and WA-22NCC–72–02/2016], Court of Appeal Civil Appeal No. W-02(NCC)(W)-1220-07/2019 and Court of Appeal Civil Appeal No. W-02(NCC)(W)-1341-07/2019

Further to the Company’s quarterly announcement dated 22 August 2024, the Company wishes to announce the following:

1. The Court of Appeal delivered a unanimous decision in the Defendants’ Appeal in the Appeal No. W-02(NCC)(W)-1220-07/2019 on 21 October 2024 allowing the Defendants’ appeal in total and thereby set aside the decision of the High Court delivered on 21 June 2019. The Court of Appeal also disallowed the Company’s counterclaim and ordered the Plaintiff to pay the Defendants costs in the sum of RM200,000.00 subject to payment of allocator by the Plaintiff.
2. The Court of Appeal also dismissed the Plaintiff’s Appeal in the Appeal No. W-02(NCC)(W)-1341-07/2019 with no order as to costs.
3. The effect of the Court of Appeal’s decisions delivered on 21 October 2024 is that there is no judgment or order in respect of the damages or oppression made against the Defendants.  The consent stay order made on 13 September 2019 is no longer in effect. 
4. The Defendants will have to recover from the Plaintiff the sum of RM10,000.00 being the nominal damages awarded by the High Court on 21 June 2019 which was previously paid by the Defendants, as well as the costs of RM200,000.00 awarded by the Court of Appeal.

This announcement is dated 21 October 2024.