Reference is made to the announcement dated 13th January 2020 and 30th April 2020, (“Announcement”) for the payment claim in the matter of an Adjudication Notice by Legend Plan Sdn. Bhd. pursuant to Section 5 of the Construction Industry Payment and Adjudication Act 2012. 

The Company wishes to announce that the Company has on 22nd June2020 finalised settlement terms with Legend Plan Sdn Bhd (‘Claimant’) pursuant to the Adjudication Decision dated 28th April 2020 to settle all disputes and claims arose in the adjudication proceeding of RM 1,171,909.94 (‘Adjudicated Sum’) together with all costs and interest in a total of RM1,453,493.15 (‘Total Adjudicated Sum’).

The salient terms of the settlement are as follows:-

• that the Company shall transfer to the Claimant a property at Marbella Project at Shah Alam (‘the Property’) in order to contra with the Adjudicated Sum wherein all costs with regard to the transfer of the Property shall be borne by the Company;
• that the transfer of the Property shall be duly effected and registered onto the Claimant by end of September 2020;
• that the balance Total Adjudicated Sum of RM 281,583.21 shall be reduced to RM 150,000.00.
• that upon the Claimant in receipt of the duly registered title of the Property on its name and upon receipt of the full and final settlement of RM 150,000.00 above, parties shall have no further claim against each other in relation to the matter.

This annoucement is dated 29th June 2020.