Reference is made to the announcements dated 6 September 2021, 13 September 2021, 17 December 2021, 7 January 2022, 9 February 2022 and 29 April 2022 made by MPCORP. The terms herein shall bear the same meaning as defined in the said announcement.

The Board of Directors of MPCORP wishes to inform that the Parties had attended the Case Management held on 25 May 2022 to update the Court on the status of settlement between the Parties. The amount on the arrears of the Real Property Gains Tax (“RPGT”) claimed by the Plaintiff against the Defendant has been reviewed and there was a reduction on the substantial amount of the Defendant’s assessment of the RPGT and the latest tax position from the RPGT Unit, Major Taxpayer branch of the Inland Revenue Board of Malaysia was received by the Plaintiff on 20 May 2022. The Defendant has applied for the payment of the amount on the assessment of the arrears of RPGT to be done in instalment.

The Parties requested for Case Management date pending the approval of the Defendant’s application for the instalment payment by the Director of the legal branch and a Consent Order/Judgement to be recorded if Parties reach an agreement on the terms of the instalment payment.

The Court had fixed a Case Management on 15 June 2022 to update on the settlement between the Parties.

The Company will announce further development pertaining to the above matters as and when necessary.

This announcement is dated 30 May 2022.