Bursa Announcement

Reference is made to the Company’s announcements on 3 March 2021, 30 March 2021, 22 October 2021, 12 May 2022, 18 December 2024 and 8 January 2025 pertaining to the legal suit received from Betanaz Properties Sdn. Bhd. [Company No. 201201025590 (1010080-V)] (“the Plaintiff”) in the High Court of Malaya in Kuala Lumpur.

The Company wishes to announce that pursuant to the judgment of the High Court on 16 December 2024, the conditional stay granted by the High Court on 7 January 2025 and the High Court’s clarification on 13 January 2025, the Company has remitted the following payments on 22 January 2025:

a) The judgment sum of RM18,678,255.27 to Betanaz Properties Sdn. Bhd. (“Betanaz”)’s solicitors, Messrs Tommy Thomas (“Betanaz’s Solicitors”);
b) The interest of 5% per annum on the judgment sum calculated from 1 March 2021 up to 22 January 2025 amounting to RM3,643,539.11 to Betanaz’s solicitors; and
c) Legal costs of RM200,000.00 to Betanaz and RM100,000.00 to Ahmad Zaki Resources Berhad, respectively.

The Notice of Appeal was filed with the Court of Appeal on 23 December 2024 and the next case management has been fixed on 25 March 2025.

This announcement is dated 22 January 2025.