Reference is made to the announcement dated 16 June 2025 in relation to the Construction Industry Payment and Adjudication Act 2012 (“CIPAA”) proceedings initiated by its wholly-owned subsidiary, ASTEEL (Sarawak) Sdn Bhd (“ASWK”) against Dynaciate Engineering Sdn Bhd (“Dynaciate”).

The Board of Directors of ASTEEL Group Berhad wishes to announce that ASWK has on 6 October 2025 received an adjudication decision dated 3 October 2025. The Adjudicator has determined the matter substantially in favour of ASWK and awarded the following:

(a)    Dynaciate is to pay to ASWK the sum of RM1,792,945.21;

(b)    Dynaciate is to pay to ASWK simple interest on the sum of RM1,679,380.16 at the rate of 5% per annum from 4 October 2025 until full payment; and

(c)    Dynaciate is to pay to ASWK the sum of RM81,161.70 as costs of the Adjudication Proceedings.

ASTEEL Group Berhad will make further announcement on any further development in this matter.

This announcement is dated 6 October 2025.