Reference is made to the Company's announcement dated 17 August 2026 in relation to the material litigation involved Datuk Anthony Abang v Hoh Yeong Cherng, Low Teck Yin and Oasis (Originating Summon No.: KCH-22M-20-7/2024(HC2)) ("the Case" or "Announcement"). Unless otherwise defined in the Announcement, all defined terms used herein shall have the same meaning as those defined in the Announcement.
The Board of Directors of Oasis wishes to announce the following additional information:
1) Background of the Case and the circumstances leading to the hearing held on 17 August 2026
On 26 July 2024, Datuk Anthony Abang ("Plaintiff"), trading under the style and firm name of Tori Construction filed a writ of summons in the Kuching High Court against Hoh Yeong Cherng and Low Teck Yin ("Directors") who are the directors of Dolphin Engineering (M) Sdn Bhd ("Dolphin") (a wholly-owned subsidiary of the Company that is currently dormant and undergoing winding up) to seek to pierce Dolphin's corporate veil and to hold the Directors personally liable for fraud and conspiracy. Dolphin was the main contractor appointed by Sarawak Land Consolidation and Rehabilitation Authority ("SALCRA") to supply, construct and complete a palm oil mill ("SALCRA Project"). Dolphin in turn appointed the Plaintiff as its sub-contractor to carry out the works on the SALCRA Project. The Plaintiff is alleging that Dolphin and the Directors have committed fraud and conspiracy for not paying the Plaintiff for works completed by the Plaintiff on the SALCRA Project despite having received the contract payment from SALCRA. The Plaintiff is claiming for the sum of RM4,204,584.08 from Dolphin and the Directors.
On 31 October 2024, the Plaintiff filed an application to the High Court to amend the writ and statement of claim and add the Company as one of the defendants in the suit. The Plaintiff is bringing the Company as a Defendant in the suit because it claimed that Dolphin was at all material times under the control and management of the Company and as such claimed that the Company has aided, abetted, caused Dolphin to commit the alleged fraud and conspiracy. The High Court allowed the Plaintiff to amend the writ and statement of claim and to add the Company as a defendant vide the order dated 4 March 2025.
The Company had until 9 April 2025 to enter appearance and until 23 April 2025 to enter defence, but had failed to do so. Subsequently, the Plaintiff filed an application to enter judgment in default of defence against the Company of which the Company has also failed to oppose. As a result, the High Court granted an order for judgment in default to be entered against the Company on 29 May 2025 ("High Court's Order 1"). The Company filed an application to set aside the order for judgement in default to be entered against the Company on 16 July 2025 but the application was dismissed by the High Court ("High Court's Order 2").
The High Court has ordered the Company to jointly and severally pay the total outstanding sum of RM4,204,584.08, together with interest at 5% per annum on the respective principal sums from the date of the amended writ, namely 5 March 2025 until full and final settlement ("Judgement Sum").
The Company has filed an application to stay the High Court's Order 1 on 3 March 2026 to momentarily stop the execution of the judgement in default. On 30 June 2026, the High Court granted a conditional stay of the High Court's Order 1 by directing the Company to deposit the Judgement Sum to the Plaintiff's advocates within 30 days from the date of the decision pending disposal of the Appeal.
The Company has also filed an appeal against the High Court's Order 2 on 6 March 2026 ("Appeal"). The next case management for the Appeal is fixed on 9 September 2026.
2) Confirmation as to whether Dolphin is a major subsidiary
Dolphin is a wholly-owned subsidiary of the Company which is not a major subsidiary that is currently dormant and undergoing winding up.
3) Financial and Operational Impact
The High Court's Order 1, High Court's Order 2 and Judgement Sum are not presently expected to have any material operational impact on the Group.
In the event the Company loses the Case, the potential liability on the Group would be the Judgement Sum of RM4,204,584.08, together with interest at the rate of 5% per annum from 5 March 2025 until full and final settlement. Save for the potential liability, the Case is not expected to have any material financial impact on the Group, including on its earnings, net assets of gearing for the financial year ending 31 December 2026.
The Company will make further announcements on any material developments in relation to these matters as and when appropriate.
This announcement is dated 19 August 2026.