1. INTRODUCTION
The Board of Directors wishes to announce that the Company has been served with a Writ of Summons by Bluemount Investment Fund SPC in respect of Civil Suit No. WA-22ICA-24-07/2026 filed in the High Court of Malaya at Kuala Lumpur ("Suit").
The Writ of Summons was sealed by the High Court on 13 July 2026 and was served on the registered office of the Company on 27 July 2026. The Writ of Summons was not accompanied by a Statement of Claim. Following service, the Company sought legal advice to ascertain the nature and scope of the proceedings.
2. BACKGROUND TO THE SUIT
Based on the endorsement appearing on the Writ of Summons, the Suit concerns matters arising from a Loan Agreement dated 24 March 2025 involving the Company and allegations relating to certain directors/officers. As no Statement of Claim accompanied the Writ of Summons, the Company is presently assessing the full basis and particulars of the Suit with its legal advisers.
3. FINANCIAL AND OPERATIONAL IMPACT ON THE GROUP
Financial Impact: Based on the monetary sums stated in the Writ of Summons, the potential financial exposure presently identified is up to USD5,152,000.00, being the principal sum and accrued interest stated as at 2 April 2026, excluding any further interest and legal costs. No liability has been determined by the Court at this stage. The final financial impact, if any, will depend on the outcome of the Suit and any further pleadings or orders of the Court.
Operational Impact: At this juncture, the Suit is not expected to have any material impact on the day-to-day business operations of the Group.
4. STEPS TAKEN
The Company has appointed legal counsel to advise on and defend the Suit, and will take such steps as may be necessary to protect the interests of the Company.
5. FURTHER ANNOUNCEMENTS
The Company will make further announcements regarding any material developments in relation to the Suit in accordance with the Main Market Listing Requirements of Bursa Malaysia Securities Berhad.
This announcement is dated 10 August 2026.