Kensington Development Sdn. Bhd. (Registration No.: 199401015390 [301076-H]) ("Kensington"), is a wholly-owned subsidiary of EP Manufacturing Bhd (Registration No.: 199601017765 [390116-T]).

Kensington (the "Landowner Cum Developer") had entered into a Joint Venture Development Agreement ("JVDA") on 14 June 2013, the Supplement Agreement dated 19.09.2013 and the Tri-partite Agreement dated 17.12.2014 (Collectively "the Agreements") with Bina Puri Properties Sdn. Bhd. (Registration No.: 199201014654 [246157-M]) (the "Turkey Contractor" or "BPPSB") for the development of Phase 1, known as 8 Avenue, to develop 30-Storey Commercial Block on CL015633888 consisting of 2 Levels of Commercial Units, 22 Levels of Service Suites, 6 Level of Car-parks, and SESB Substation on CL015633806 (with Building Extension consisting of 2 Levels of Commercial Units and 5 Level of Car-parks on CL015552753, CL015552762, CL015552771, CL015552780, CL015552799, CL015552806 & CL015552815) along KM14, Jalan Tuaran, Kota Kinabalu, Sabah (previously known as 8 Avenue - Commerical Mall & designer Suites)("the Project").

Subsequently, both parties had mutually agreed to modify and alter the Agreements as follows:-

2.1 that time shall be of the essence; and

2.2 that no further extension of  time will be granted and that the Project implementation schedule in the Work Programme must be stricted adhered to.

Many several letters were sent to follow up on the Work Programme. 

BPPSB has been wound up and is currently in liquidation.

Kensington has on 23 December 2025 issued termination of the Agreements. 

Kensington will take the relevant steps to reclaim possessions of its land under the Project.

Kensington will reserve all its rights in this method including the right to claims for loss or damages suffered as a result of BPPSB breach and/of repudiation of the Agreements.

This announcement is dated 23 December 2025.