The Company wishes to announce that on 25 July 2022, its wholly owned subsidiary, Sapura 3000 was served with a Winding-up Petition dated 20 July 2022 (In the High Court in Sabah and Sarawak at Federal Territory of Labuan Winding-up Petition No. LBN-28NCC-9/7-2022(HC)) (“the Petition”). The Petition was taken out by Lubricleum Sdn Bhd (“the Petitioner”) via its Advocates & Solicitors, Yong & Punai Chambers.

The Petitioner commenced this Petition to wind up Sapura 3000 based on a Judgment in Default of Appearance dated 2 June 2022 for an outstanding sum of RM483,000 and interest of RM24,624 as at 12 April 2022. The hearing date for the Petition is fixed on 9 September 2022.

Sapura 3000 is currently negotiating for the settlement of the matter with the Petitioner.

Sapura 3000 is not a major subsidiary of the Company as defined under Chapter 1 of the Main Market Listing Requirements.

Based on the Company's audited financial statements for the financial year ended 31 January 2022, the Company's total investment in Sapura 3000 is as follows:

This announcement is dated 27 July 2022.