With reference to the Company's announcement released on 12 January 2021 on the winding-up petition that was served by Two Offshore Marine Sdn Bhd ("TOMSB") on a sub-subsidiary of the Company, Perdana Nautika Sdn Bhd ("PNSB"), the Board of Directors' of the Company wishes to inform that PNSB has on 4 February 2021 entered into a settlement agreement with TOMSB, that PNSB shall pay to TOMSB the sum of RM1,100,000.00 ("Settlement Sum") as full and final settlement of all disputes, differences, claims and liabilities.

In line with the settlement, TOMSB has withdrawn the Petition on 9  February 2021 with no order as to costs. Both parties shall within three (3) working days of the receipt of the full payment in their account by TOMSB, terminate all other related suits against each other with no order as to costs and without liberty to file afresh.

This announcement is dated 18 February 2021.