We refer to the Company’s announcements dated 29 April 2022, 18 May 2022, 8 June 2022, 23 August 2022, 25 August 2022, 29 August 2022, 30 August 2022, 19 September 2022, 10 January 2023, 30 January 2023, 2 February 2023, 10 February 2023 and 6 March 2023 respectively. Unless otherwise stated, the definitions and terms used herein shall have the same meaning as defined in those announcements.

The Board of Directors of the Company wishes to announce that on 16 March 2023, all the relevant parties appeared before the Court. The High Court dismissed the company’s stay application with costs.
The Board of Directors of the Company wishes to inform that the Company has lodged an appeal on 11.1.2023 against the decision of the High Court of Malaya on 10.1.2023 in dismissing the Company’s application to adjourn the hearing of the winding up and the High Court's decision in entering a winding up order against the Company, collectively (“the Appeals”). The Appeals are currently pending before the Court.
The Board of Directors of the Company would like to inform that the Liquidator of the Company, Victor Saw Seng Kee of PricewaterhouseCoopers Advisory Sdn Bhd has agreed to several right-sizing initiatives that are inline with the company’s regularization efforts pending the abovementioned Appeals. These initiatives will enable the companies to contain cash outflow as well as improve cash inflow to sustain the operations.
The Board of Directors of the Company further wishes to inform that the Company is seeking legal advice on the decision granted and will make further announcement as and when there are material developments on the above matter.
This announcement is dated 16 March 2023.