We refer to our previous announcements on 30 September 2019 and 27 October 2023

The Company wishes to announce that its wholly-owned subsidiary, TSR Bina Sdn Bhd (“TSRB”), has been informed by its solicitors of the following update:-

Following the Stay Applications filed by Syarikat Pembenaan Yeoh Tiong Lay Sdn Bhd (“SPYTL”) on the Court of Appeal’s decision in relation to an award in TSRB’s favour amounting to RM1,106,503.46 (“Adjudicated Sum”) as per the previous announcement, the Court of Appeal had unanimously made the following Order for the Stay Applications:-

1. Half of the Adjudicated Sum together with half of the interest, costs of the Adjudication as well as the costs awarded by the Court of Appeal, to be paid directly to TSRB;
2. The other half of the Adjudicated Sum together with half of the interest, costs of the Adjudication as well as the costs awarded by the Court of Appeal to be paid to TSRB’s solicitor as stakeholder to be held pending disposal of the Leave Applications;
3. SPYTL shall make the aforesaid payments within 14 days hereof, failing which, there shall be no stay; and
4. Each party shall bear its own costs for these applications.

The Company will make the necessary announcements as and when there are further material developments in relation thereof.

This announcement is dated 8 January 2024.