The Board of Directors of the Company wishes to announce that the Company’s wholly-owned subsidiary, Ecoscience Manufacturing & Engineering Sdn. Bhd. (“Plaintiff”) had on 22 December 2023 served the statutory demand under Section 466(1)(a) of the Companies Act 2016 (“Statutory Demand”) to Goodgloves Industries Sdn. Bhd. (the “Defendant”).

Background

The Plaintiff’s claim against the Defendant pertains to the alleged payment default in relation to the promise of the Defendant to pay the Plaintiff the sum of RM647,280.00 for the supply of goods and services for a new glove manufacturing plant at Bandar Sri Sendayan, Negeri Sembilan to the Defendant. The outstanding amount of RM647,280.00 remains due and owing to the Plaintiff since November 2021.

The particulars of the claim pursuant to the Statutory Demand

Pursuant to the Statutory Demand, the Plaintiff has claimed for the sum of RM647,280.00 from the Defendant.

Financial and Operational Impact on the Company

The aforesaid Statutory Demand is not expected to have any material financial and operational impact on the Company for the financial year ending 31 December 2023 as full amount of the sum has been provided for bad debts and the contract has been completed.

Further announcements on the material development of the above matter will be made to Bursa Malaysia Securities Berhad from time to time.

This announcement is dated 22 December 2023.