Winding Up / Receiver & Manager / Restraining Order / Special Administrator

Reference is made to the announcements dated 3 July 2020, 7 July 2020, 13 October 2020, 30 October 2020, 27 January 2021 and 25 February 2021, on the receipt of a Winding-up Petition (“Petition”) by BNS, a subsidiary of the Company served by MSM and on the grant and extension of an ad interim restraining order in relation to BNS’s application pursuant to sections 366 and 368 of the Companies Act 2016.

The Board wishes to announce that on 29 March 2021, the High Court of Kuala Lumpur has allowed BNS’s application to strike out MSM’s Petition.

In a separate development, the High Court of Kuala Lumpur has fixed 30 April 2021 for the hearing of BNS’s application to convene the creditors’ meeting and for a restraining order. The ad interim restraining order will continue until the disposal of the application for leave to convene the creditors’ meeting.

The ad interim restraining order will not restrain or stay the continuation of the legal proceedings in Kuala Lumpur High Court Companies Petition No. WA-28NCC-490-06/2020 brought by MSM and the Ipoh High Court Suit No. 22NCvC-193-08/2012 brought by Ingat Kawan Sdn Bhd.

The Board will make the relevant update announcement(s) in relation to the foregoing as and when there are material developments on the same.

This announcement is dated 30 March 2021.