The Company wishes to announce that its legal consultants had informed the Company that a winding-up order (“Order”) had been obtained by Lembaga Hasil Dalam Negeri (“LHDN”) against Sycal ICC Properties Sdn Bhd “(SICC”), a wholly-owned subsidiary company of the Company on 1 November 2023. SICC is not a major subsidiary as defined under Chapter 1 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad. SICC was appointed by Sycal Berhad to undertake the development/marketing of a project named “ICC Commercial Suites” in Ipoh Greentown where construction completion had reached approximately 95% todate. Completion and handover of vacant possession to purchasers is targeted by June 2024.

As of the date of this announcement, the Company had not received any official documents, correspondences or notifications of whatsoever pertaining to the Order. The Board of Directors of the Company had deliberated on the matter relating to the Order on 13 December 2023 and had decided that an announcement ought to be made to Bursa although there is no official communication of the Order to the Company as of 13 December 2023.

The amount involved under the Order relates to outstanding taxes/interest/costs amounting to RM247,281.99 owing to LHDN, which had been fully settled by the Company on 6 December 2023.

After consultation with its legal consultants, the Company had on 13 December 2023 filed an application to the High Court for termination of the Order.

Any material development in this matter will be announced in due course.

This announcement is dated 13 December 2023.