We refer to all the announcements made earlier dated 3 July 2018, 18 September 2018 and 11 December 2020 in relation to the legal proceedings (“Announcements”). Unless otherwise defined, the terms used herein shall have the same meaning as those defined in the Announcements.

The Company wishes to announce that the Company and the Defendants have on 10 December 2020 entered into a Settlement Agreement as a full and final settlement of all disputes, conflicts, claims, allegations, actions, obligations, demands, suits and/ or legal proceedings that the Parties have or may have now or in the future against each other arising from or in connection with all matters relating to the Share Sale Agreement dated 28 th December 2016 (SSA) and other related agreements. In terms of the Settlement Agreement, the Defendants have sold their respective shares and the proceeds as Settlement Sum has been received in tranches and the final sum in respect of two of the Defendants namely Gaya Belian Sdn. Bhd. and an individual was received on 26 January 2021. However, the proceeds from the disposal of some 8  Shares held by another individual are yet to be received. Notwithstanding, that the said individual has yet to remit the proceeds from the sale of 8 shares, and as the sum involved in respect the said individual's Shares is de minimis,   the Company is desiring to bring a closure to the matter, wishes to treat the Settlement Agreement as deemed completed and accordingly it is further deemed as the full and final settlement of the case. The case is now closed.

This announcement is dated 25 February 2021. 

Announcement Info