[Unless otherwise defined, the abbreviations used throughout this announcement shall have the same meanings as defined in the previous announcements pertaining to the subject matter]

Reference is made to the Company’s announcement dated 9 February 2022.

The Company wish to inform that the Federal Court Leave Application for the three (3) appeals (“Federal Court Leave Application”) which was originally fixed for hearing on 17 May 2022 has been adjourned as the Company’s solicitors were notified by JAKS Island Circle Sdn. Bhd.’s solicitors that the company in question has been put into creditors’ voluntary winding up.  According to Section 451 (2) of the Companies Act, 2016, any legal proceedings against a company in liquidation must obtain leave from the High Court. 

In view of the above, the Federal Court had on 12 May 2022 allowed the Company’s request to adjourn the hearing of the Federal Court Leave Application, to enable the Company to apply for leave from the High Court to proceed against the Company’s Appeal to strike off JAKS Island Circle Sdn. Bhd.’s suit. Hearing for the Federal Court Leave Application should be heard together as the facts and issues for all three (3) appeals are similar.

The Federal Court has fixed 15 June 2022 for case management pending the Company’s application for leave from the High Court to continue the appeal proceedings against JAKS Island Circle Sdn. Bhd.  

Further announcement on the material development of the matter will be made by the Company as and when necessary.

This announcement is dated 13 May 2022.