We refer to the Company’s announcements dated 28 July 2021, 3 November 2021, 28 July 2022, 29 September 2022 and 10 February 2023 in relation to the variation to the terms of the joint venture between Achwell Property Sdn Bhd (“APSB”), a wholly-owned subsidiary of the Company, and Capital City Property Sdn Bhd (“CCPSB”) for an integrated development in Bandar Johor Bahru, District of Johor Bahru, State of Johor Darul Takzim. Unless otherwise stated, all terms used herein shall have the same meaning as defined in the said announcements.

The Board of Directors of Gadang wishes to announce that APSB had on 11 December 2023 (“Settlement Date”) received the full Settlement Sum of RM40 million, ahead of the agreed scheduled final payment date on 29 July 2025 as set out in the SSA. On the Settlement Date, the Parties shall have no further claims of whatsoever nature against each other under the JVAs, the Project, the Development Land, the FSA and/or the SSA.

This announcement is dated 12 December 2023.