1. HB Global Limited ("HBG" or the "Company") wishes to announce that the Company, together with its subsidiary, SLH Infra Sdn Bhd [Registration No.: 202101021660 (1421960-X)] ("SLH Infra") (collectively, the "Plaintiffs") had, on 4 September 2026, filed a Statement of Claim in the High Court of Malaya at Kuala Lumpur (the "Court") against the following parties: (i) Lee Ping Wei; (ii) Chee Chen Hao; (iii) Lean Kock Kiang; (iv) Lee Sek Ang; (v) Forward Resources and Construction Sdn Bhd (in liquidation) ("FRC"); and (vi) Choong Poh Ling (collectively, the "Defendants"). The civil suit was commenced through the Plaintiffs' appointed solicitors, Messrs. Munhoe ("Civil Suit").

    

   Background of the Matter

    

   On or about 1 April 2021, HBG entered into a share sale agreement with Lean Kock Kiang and Lee Sek Ang for the acquisition of 60% equity interest in FRC for a total consideration of RM66,000,000.00, comprising RM54,000,000.00 satisfied by the issuance of shares in HBG and RM12,000,000.00 million in cash, subject to the fulfilment of the relevant conditions precedent ("Acquisition").

    

   The Acquisition was undertaken based on representations that FRC had secured 5G fibre infrastructure projects with an aggregate value of approximately RM1,071,000,000.00, which formed a fundamental basis for HBG's decision to proceed with the Acquisition.

    

   Following completion of the Acquisition in July 2021, FRC announced the acceptance of a purported letter of award from On Site Services Sdn Bhd ("OSS") for fibre implementation works valued at RM10,000,000.00. However, HBG became aware that the purported letter of award had not been issued by OSS and that there was no legally binding agreement in respect of the said works.

    

   HBG subsequently commissioned investigations into the Acquisition and related transactions. The investigations, according to the Plaintiffs, uncovered facts and circumstances indicating that the Acquisition and the related transactions formed part of an alleged coordinated scheme to deceive and/or defraud HBG and SLH Infra. A police report was subsequently lodged on 6 September 2021.

    

2. Through the Civil Suit, the Plaintiffs are seeking, among others,

    

   (a)     Declarations as to the fraudulent nature and purpose of the Acquisition and the acts undertaken in connection with and/or arising therefrom;

   (b)     Declarations that the relevant Defendants have committed fraud, conspired to defraud, fraudulently misrepresented, breached their fiduciary duties, statutory duties, duties of good faith and/or duties of care, committed the tort of conversion, dishonestly assisted the scheme to defraud and knowingly received the benefits thereunder;

   (c)      Declarations that the HBG and/or SLH Infra are entitled to the 208,413,740 shares in HBG previously issued under the Acquisition and all monies, proceeds and/or benefits in connection with and/or arising therefrom;

   (d)      General damages to be assessed by the Court;

   (e)      Costs;

   (f)       Pre and post judgment interest; and

   (g)     Such further and/or other relief as the Court deems fit and just.

    

   The claims and allegations in the Civil Suit remain subject to the determination of the Court.

    

3. Details of the circumstances leading to the filing of the Statement of Claim

    

   The Civil Suit concerns claims of fraud, fraudulent misrepresentation, conspiracy to defraud, breach of fiduciary and/or statutory duties, dishonest assistance, knowing receipt and conversion involving the Defendants in relation to HBG's Acquisition, and certain transactions, arrangements, representations and documents relating to and/or arising therefrom. The Plaintiffs contend, among others, that there were irregularities arising from and/or in connection with the Acquisition, and that the matters forming the subject matter of the Civil Suit resulted in the unauthorised dealing of HBG's shares and/or proceeds and losses and/or damages being suffered by the Plaintiffs.

    

4. Financial & Operational Impact

    

   The Civil Suit is not expected to have any material adverse effect on the Company's financial and operational position for the financial period ended 30 June 2026. The proceedings represent a proactive step by the Company to recover the damages, and a favourable outcome would contribute positively to the Company's financial results.

    

     5. Steps to be taken

         The Company will make the necessary announcements as and when there is further material development in relation to the Civil Suit.

This announcement is dated 4 September 2026.