Reference is made to disclosure on Material Litigation in the notes to the audited financial statements for the financial year ended 31 December 2023 as well as the announcements of consolidated quarterly report for the financial period ended 31 December 2023, 31 March 2024 and 30 June 2024 of the Company.

The Company wishes to update that Pasdec Corporation Sdn. Bhd. ("Plaintiff"), a wholly owned subsidiary of PASDEC, and Ambang Beskaya Sdn. Bhd. ("Defendant") have reached a settlement on the dispute in relation to Joint Venture Agreement dated 13 April 2016 ("JVA") for the proposed development of a piece of land held under HS(D) 4179 PT 2497, Mukim Tanah Rata, Cameron Highlands, Pahang by recording a Consent Judgement on 30 October 2024.

The Plaintiff will refund to the Defendant the deposit and agreed costs incurred in relation to the JVA amounting to RM4.6 million as full and final settlement and the JVA is deemed terminated on the date of the Consent Judgment. 

This announcement is dated 30 October 2024.