We refer to the Company’s announcements dated 30 November 2021, 5 January 2022, 31 January 2022, 8 February 2022, 15 February 2022, 24 February 2022, 25 March 2022, 12 April 2022, 20 December 2022 and 18 July 2023 respectively. Unless otherwise stated, the definitions and terms used herein shall have the same meaning as defined in the announcement.

The Board of Directors of SDHB wishes to announce that on 19 March 2024, the Court has fixed the next case management on 21 May 2024.

Further, pursuant to the directions set out in the Court Order dated 7 February 2022, SDHB has appointed Nexia SSY PLT to carry out a special independent review to assess the accuracy and veracity of the matters raised by the Company’s former external auditors, pertaining to, and in the course of carrying out the annual statutory audit for the Company for the year ended 31 December 2020.

The scope of the special independent review is as follows:

1. To assess the validity and veracity of the transactions and balances with respect to the 11 identified customers on sales transactions, trade receivables and materials on sites; and to quantify the possible financial impact, if any.
2. To assess the validity and veracity of the purchases from six (6) identified local suppliers.
3. To assess the validity and veracity of the IT contracts/ transactions entered into with the six (6) identified customers and two (2) identified suppliers; and to assess the appropriateness of the revenue and costs recognised in the financial year in relation to the identified customers and suppliers above.
4. To assess the existence (where possible); and validity of the transactions and balances of the one (1) identified customer and one (1) identified supplier located in Bahrain.

SDHB will make further announcements as and when there are material developments on the matter.

This announcement is dated 21 March 2024.