We refer to the announcement made on 6 September 2018.

The Board of Directors of Nylex wishes to announce that the Company and Utusan (collectively referred as the “Parties”) have on 08 April 2019  entered into a Settlement Agreement (“Settlement Agreement”) for the settlement of the claim of RM10 million by Nylex, application for security for costs by Nylex (collectively “Nylex’s Claim”)  and the counter-claim by Utusan (“Utusan Counter-Claim”).

The salient terms of the Settlement Agreement, amongst others, are:

1. Utusan shall procure its wholly owned subsidiary, Juasa Holdings Sdn. Bhd. (“Proprietor”) to enter into a sale and purchase agreement with Nylex to transfer to Nylex all of its rights, title and interest in and to a parcel known as Unit No. 7-10, Wisma 730 (The Trax), No.1 Jalan Lima Off Jalan Chan Sow Lin, 54200 Kuala Lumpur measuring 10,335 square feet erected on master title Pajakan Negeri (WP) 52759 Lot No. 50066 Seksyen 92 Bandar Kuala Lumpur Daerah Kuala Lumpur, Negeri Wilayah Persekutuan Kuala Lumpur (“Trax Property”) for value of RM6,700,000 to be set off against the Nylex’s Claim; and
2. Utusan shall pay Nylex the sum of Ringgit Malaysia Two Million Eight Hundred and Eighty Six Thousand and Fifty One and sen Eighty Two (RM2,886,051.82) (“the Cash Payment”) vide fourteen (14) monthly instalments, of which 13 monthly instalments shall be Ringgit Malaysia Two Hundred Thousand (RM200,000.00) each and a final instalment of RM286,051.82, the first instalment to be paid by 31 January 2020. Upon full payment of the Cash Payment, a sum equivalent to the Cash Payment shall be set off against Nylex’s Claim.
3. Utusan shall also reimburse Nylex the stamp duty for the assignment or transfer of the Trax Property to Nylex by 31 March 2021.

Within five (5) days of execution of the Settlement Agreement, Nylex shall withdraw the Nylex’s Claim and Utusan shall withdraw the Utusan Counter-Claim with no liberty to file afresh.

This announcement is dated 08 April 2019.