1. INTRODUCTION
FGV Holdings Berhad (“FGV” or “the Company”) wishes to announce that its indirect subsidiary, FGV Bulkers Sdn Bhd (“FGVB”) has on 6 November 2024 been served with a Writ of Summon dated 4 November 2024 by the Plaintiff through their solicitors (“Suit”).

2. CIRCUMSTANCES LEADING TO THE WRIT ACTION
FGVB has received the above Suit which among others contends that FGVB has breached the Supply and Delivery Agreement (“SDA”) dated 28 February 2023 for the supply and delivery of Palm Kernel Shells (“PKS”). Based on the alleged breach, the Plaintiff has now filed the Suit against the Defendant.

3. PARTICULARS OF CLAIMS
The particulars of the claims are as follows:-
a) A declaration that any agreement (whether expressly or impliedly made by the Plaintiff) to the increase of price of PKS within the 6-month period under Clause 5.1 of the SDA shall be null and void;
b) Damages in the sum of RM4,443,859.70, being losses pleaded in paragraph 17 of the Statement of Claim (“SOC”);
c) Damages in the sum of RM86,399,575, being losses pleaded in paragraph 24 of the SOC;
d) Further and/or alternatively, general damages to be awarded pursuant to the findings of this Honourable Court;
e) Pre-judgment interest pursuant to Section 11 of the Civil Law Act 1956;
f) Post-judgment interest;
g) Cost; and
h) such further and/or other reliefs that this Honourable Court deems just and proper.

4. OPERATIONAL AND FINANCIAL IMPACTS ON THE COMPANY
The Company does not expect that there will be any material operational and financial impact to FGVB and FGV from the Suit for the financial year ending 31 December 2024.

5. DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST
NIL

6. STEPS TAKEN
FGVB is required to enter an appearance within fourteen (14) days hereof and case management has been fixed on 20 November 2024. FGVB is currently seeking legal advice and will make further announcement on any material development in the Suit in due course.

This announcement is dated 7 November 2024.