Reference is made to the Company’s announcement dated 18 February 2022.

As previously announced on 11 March 2019, a wholly owned subsidiary of the Company, HCM Engineering Sdn. Bhd. (“HCM”) has filed a legal suit at the Kuala Lumpur High Court against Kuasatek (M) Sdn. Bhd. (“Kuasatek”) (“Legal Proceeding”).

The Company wishes to announce that the Court had on 30 March 2022 (“Judgment Date”) ruled the following judgment (“Judgment”) in favour of HCM on the Legal Proceeding, the details of which are as follows:

1) HCM has been awarded a judgment sum of RM584,279.67 (“Judgment Sum”) being an overpayment made to Kuasatek; 

2) Kuasatek is to remit the said Judgment Sum from the Judgment Date, failing which an interest at the rate of 5% per annum will be imposed from the Judgment Date until full and final settlement of the Judgment Sum; and

3) Legal costs of RM60,000.00 is awarded to HCM due to the complexity, amount of works and time used for the entire Legal Proceeding.