We refer to the announcement dated 28 May 2019, 4 June 2019, 29 November 2019, 19 December 2019 and 28 February 2020.

The Company wish to announce that its wholly owned subsidiary, TSR Bina Sdn Bhd (“TSRB”), has been informed by its solicitors of the following update in relation to the arbitration proceeding commenced by TSRB against Hiform (M) Sdn Bhd (“HSB”):-

The Arbitrator has delivered the Final Award which is in favour of TSRB. Having considered all parties entitlements under the Final Award, HSB is required to pay TSRB the outstanding sum of RM 548,640.42 within 30 days from the date of the Final Award, together with a simple interest of 5% per annum calculated from the date of notice of arbitration to the date of full realisation. HSB is also to bear the costs of TSRB in the sum of RM200,000.00.

Based on the Final Award above, TSRB has instructed its solicitor to enforce the Court of Appeal Consent Judgement in order for recovering of RM8.36 million being the Adjudicated Sum with interest which has been deposited by TSRB to the following parties and manners:

1. RM1 million from HSB;

2. Stakeholder of RM3.68 million from HSB's solicitors' account;.

3. Stakeholder of RM3.68 million from TSRB's solicitors' account.

Background Brief:

On 3 June 2019, TSRB received an adjudication decision allowing HSB among others the sum of RM7,435,044.98 with interests and costs ("Adjudication Sum"). HSB has obtained an Enforcement Order regarding the Adjudicated Sum. However, TSRB has successfully obtained an order for stay of the Enforcement Order pending appeal to Court of Appeal. Subsequently in 2023, TSRB successfully obtained a stay of proceeding pending the arbitration proceeding initiated by TSRB against HSB on 18 June 2019, with the conditions that the Adjudication Sum shall be dealt in accordance to the Court of Appeal Consent Judgement.

Further announcement will be made of any material development changes as and when appropriate.

This announcement is dated 19 January 2024.