The Board of Directors of PASDEC wishes to announce that Kuantan Tembeling Resort Sdn. Bhd. ("KTRSB"), a wholly owned subsidiary of PASDEC, had on 25 January 2024 filed a winding up petition to the Court pursuant to Section 465(1)(a) of the Companies Act 2016.

KTRSB was incorporated on 7 October 1991  and is the developer of a condominium project known as 'Kuantan Tembeling Resort'. The development has been fully compketed and all the units built have been sold. KTRSB has fulfilled its obligations as the developer and original proprietor of Kuantan Tembeling Resort and transferred full responsibility of the building's management to the purchasers. It has ceased operations and has no intention to embark into any other business. 

KTRSB is not a major subsidiary of the Company. Its winding up will not have any material financial and operational impact on the Company and will not have any material effect on the earnings and net assets of PASDEC Group.

This announcement is dated 25 January 2024.