Reference is made to the Company’s announcements dated 9 February 2023, 13 February 2023 and 22 March 2024, the Company wishes to announce the update on the development arising from the litigation in respect of the Originating Summons in the High Court of Malaya at Kuala Lumpur No. WA-24C-201-12/2023 in the matters of an adjudication between Mercu Binaraya Sdn. Bhd. (“Plaintiff”) and Jetson Construction Sdn. Bhd. (“Defendant”) ("JCSB") (AIAC/D/ADJ-4673-2023) (“Originating Summons”).

The Company wishes to update that on 2 April 2024, the High Court Judge had delivered the decision on the abovesaid Orginating Summons. The Judge ordered that:-

1. The Adjudication Decision dated 6 November 2023 given by the Adjudicator be enforced as a judgment or order of the High Court.

2. Pursuant to the Order sought herein under paragraph 1 above, a judgment shall be entered in favour of the Plaintiff in accordance with the decision contained on page 26 of the Adjudication Decision, namely:

 a) The Defendant shall pay the Plaintiff the sum of RM1,062,833.01 as the outstanding reduced amount;

b) The Defendant shall pay the Plaintiff the sum of RM6,176.28 as interest on the late payment of the certificate amount;

c) The Defendant shall pay the Plaintiff costs of adjudication proceedings amounting to RM86,912.74;

d) The Defendant shall pay interest at 5% per annum on the sum of RM1,062,833.01 from 21 November 2023 until the date of payment thereof;

e) The Defendant shall pay interest at 5% per annum on the sum of RM6,176.28 from 21 November 2023 until the date of payment thereof;

f) The Defendant shall pay interest at 5% per annum on the sum of RM86,912.74 from 21 November 2023 until the date of payment thereof.

3. The application cost herein is in the amount of RM3,000.00 to be paid by Defendant to Plaintiff and is subject to an allocation fee.

The abovesaid High Court Order is not expected to have any material financial impact on JETSON Group for the financial year ending 31 March 2025 as JCSB ceases to be a subsidiary of the Company (with effect from 29 March 2024).

This announcement is dated 9 April 2024.