We refer to your Company's announcements dated 29 June 2026 and 2 July 2026, in respect of the aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following additional information for public release:-
1) It is noted that TBSB took a relatively long time in obtaining the approvals from Majlis Bandaraya Shah Alam ("MBSB") and Pejabat Daerah Tanah Klang after entering into the JVA in January 2013 whereby the approvals from MBSB were obtained in 2015 and 2020 and the approval from Pejabat Daerah Tanah Klang was only obtained in 2021, which was more than 8 years after the JVA agreement in January 2013. In this respect, please provide a detailed disclosure on the reasons and/or circumstances of events which caused the lengthy delay in obtaining the approvals from the relevant authorities.
2) Despite the facts that the approvals from the relevant authorities were obtained in 2015, 2020 and 2021, please provide greater granularity on the reasons for not completing the Project as planned.
3) It is disclosed that TBSB, being the developer of the Project, has incurred development expenses of RM4.86 million to the Project, which has been reimbursed by PISB to TBSB. In this respect, please elaborate further on the following:-
(a) Relevant details of the Project, in accordance to the specified items set out under Paragraph 4, Part C of Appendix 10A of the Main Market Listing Requirements. To also provide a location map with clear labelling of the land held under GM1388, Lot No. 1887 in the Mukim of Klang, State of Selangor and other key landmarks at the surrounding areas;
(b) Type/details of development activities within the Project and the percentage of completion of the development project, that had taken place as of to-date;
(c) The name of the contractor(s) appointed, date of appointment and scope of work of such contractor(s); and
(d) Date of payment made by PISB to TBSB for the reimbursement of the development expenses of RM4.86 million. Please also provide a detailed disclosure on the utilisation of the reimbursed amount by TBSB/TWL.
4) In view that the RM4.86 million development expenses accounted for approximately 21% of the estimated cost of the entire project of approximately RM23 million (as disclosed in January 2013), please clarify whether or not the Project was officially launched to the public. If yes, please disclose the launch date together with sales details which shall include the number of units sold and the total sales value. To also disclose the amount of compensation/liquidated damages to be paid to the buyers and whether or not this will have any financial impact to the TWL Group arising from the termination of the JVA.
5) It is disclosed in the JVA dated 9 January 2013, which states TBSB shall pay directly to PISB a sum of RM3 million, being a consideration sum for entering into the JVA in consideration of which TBSB shall be given the exclusive right to develop and to carry out construction on the development land in relation to the Project. Given the mutual termination of the JVA on 29 June 2026, please clarify clearly on whether PISB will refund fully the consideration sum of RM3 million to TBSB. If not, please provide a detailed elaboration and justification to account for any shortfall (if any).
6) Please also disclose the following:
(a) Whether there is any change in the shareholdings and directorships of PISB since the JVA date until the termination of the JVA on 29 June 2026. If yes, please provide details of the change(s), which shall include the date of change(s), the name of the party(ies) involved together with their designation and/or shareholdings in PISB accordingly; and
(b) Whether any director and/or shareholder of PISB (past and/or current) and/or persons connected to them is a related party to the TWL Group. If yes, please name the parties involved and disclose the nature of their relationship/connection accordingly.
Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.
Yours faithfully,
Listing
Group Regulation
Cc : Market Surveillance Department, Securities Commission Malaysia