Reference is made to the announcements made by the Company on 21 May 2019, 1 July 2019, 1 August 2019, 23 August 2019, 3 September 2019, 1 October 2019 and 23 October 2019 (collectively “Announcements”) in relation to the default in payment pursuant to Paragraph 9.19A of the Listing Requirements. Unless stated otherwise, definitions used in this announcement shall carry the same meanings as defined in the Announcements.

The Company wishes to inform that in relation to the Announcements, the Company and its wholly-owned subsidiary, PBJV Group Sdn Bhd (“PBJV”) and Kota Laksamana 101 Ltd (“KL 101”) wholly-owned subsidiary of PBJV have, on 18 May 2020, been served a Writ of Summons and Statement of Claim both dated 17 April 2020 for the amount of USD43,789,997.91 (as at 29.02.2020) by Export-Import Bank of Malaysia Berhad (“EXIM BANK”). The said Writ of Summons and Statement of Claim have been served on the Company (which is named as 3rd Defendant therein) and PBJV (which is named as 2nd Defendant therein) in their respective capacity as Corporate Guarantor pursuant to and under an Ijarah Facility Agreement dated 11 June 2014 entered into between KL 101 and Exim Bank.      

The Company is still in the midst of formulating a plan to regularise its financial conditions that will include proposals to address this default and the Writ of Summons and Statement of Claim.

This announcement is dated 18 May 2020.