Reference is made to the Company’s announcement dated 18 October 2023.

The Board of Directors of Permaju wishes to announce that the Company had on 11 March 2025 received the sealed Court orders granted by the Court of Appeal in relation to the hearing held on 24 January 2025. The Court of Appeal allowed PPSB’s appeals under Civil Appeal No. S-02(NCvC)(A)-887-05/2022 and S-02(NCvC)(A)-960-05/2022, thereby setting aside the High Court’s decision dated 28 March 2022 and the Arbitrator’s Partial Award No. 3 dated 17 March 2021, on the grounds that they were not in accordance with the arbitration’ agreement. The Court of Appeal ordered that the matter to be referred back to arbitration.

Accordingly, the Court of Appeal also ruled that David Shen’s appeals under Civil Appeal No. S-02(NCvC)(A)-670-04/2022 and S-02(NCvC)(A)-672-04/2022 were rendered academic and the Appeal was dismissed. The matter has been referred back to the Arbitration.

Furthermore, the Court of Appeal ordered global costs of RM30,000.00 to be paid by David Shen. Additionally, the Court granted a consequential order for the release of RM2,951,123.09, currently held in the joint account of PPSB’s and David Shen’s solicitors, to PPSB’s solicitors.

This announcement is dated 12 March 2025.