General Announcement:: UPDATE ON THE STATUS OF THE SUBMISSION OF THE REVISED RESUMPTION OF THE NEGOTIATION PROPOSAL (SEPTEMBER 2021)

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ASTAKA HOLDINGS LIMITED

(Company registration number: 200814792H)

(Incorporated in the Republic of Singapore)

UPDATE ON THE STATUS OF THE SUBMISSION OF THE REVISED RESUMPTION OF NEGOTIATIONS

PROPOSAL (SEPTEMBER 2021)

The board of directors (the “Plank” Where “Directors“) of Astaka Holdings Limited (the”Society“and with its subsidiaries, the”Group“) refers to the Company’s announcement dated January 20, 2021 (the”Announcement“) in connection with the receipt of the letter of no objection (the”Letter“) of the Singapore Exchange Securities Trading Limited (the”SGX-ST“) for an extension of the deadline until 31 December 2021 to submit a revised proposal to resume trading (“Revised take-over proposal“) and the Company activity update announcements dated January 29, 2021, February 26, 2021, March 30, 2021, April 29, 2021, May 27, 2021, June 29, 2021, July 30, 2021 and dated August 26, 2021. In accordance with the requirements set out in the Letter, the board wishes to provide a monthly update on the company’s operations and progress in achieving key milestones for its submission of a revised takeover proposal to SGX -ST.

1. COMMERCIAL UPDATES

The Board refers to the Company’s announcements dated June 29, 2021 and July 30, 2021 concerning the national four-phase recovery plan (“PNR“) imposed by the Malaysian government.

On September 22, 2021, the Malaysian government announced the transition of the State of Johor from phase 1 to phase two of the NRP, effective September 24, 2021. As part of phase two of the NRP, sales activities and marketing at the developer’s office, sales gallery and exhibition unit are permitted, subject to the approval of the Ministry of Housing and Local Government. The Group will fully resume its activities as soon as the operating request under Phase Two of the PNR is approved.

In accordance with the loan agreement concluded between Astaka Padu Sdn Bhd (“APSB“), and DMR Holdings Sdn Bhd (“DMR“), a partner of the controlling shareholder of the Company, Dato ‘Daing A Malek Bin Daing A Rahman, dated June 17, 2020 and the Supplementary Loan Agreement dated November 3, 2020 (collectively known as “DMR loan agreements“), APSB drew 37.7 million ringgit on the loan, with 22.3 million ringgit available for further drawing on September 27, 2021. Please refer to the circular issued by the Company on October 9, 2020 for more Details on the DMR Loan Agreements.

Other than as stated above, there have been no other significant developments since the last update released by the Company on August 26, 2021.

2. UPDATES TO LEGAL PROCEEDINGS WITH ALIRAN ASIA SDN BHD (“Aliran”)

The Board refers to the Company’s announcements dated December 19, 2019, December 23, 2019, March 17, 2020, July 28, 2020, December 17, 2020, April 28, 2021, May 24, 2021, June 2, 2021 , June 25, 2021, July 22, 2021, August 10. 2021 and August 26, 2021 concerning:

  1. the case documents service by Aliran, being the original summons No. WA-24C-79-06 / 2021 (“OS 79“) under the award decision of 7 May 2021 (“Decision to award the first complaint“) and Original Summon WA-24C-80-06 / 2021 (“OS 80“) under the award decision of 20 April 2021 (“Decision to award an additional claim“); and
  2. the filing of the stay of proceedings pending referral to arbitration, being the originating summons. No. WA-24C-135-08 / 2021 (“OS 135“) in respect of the first award decision, and

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Original invocation. N ° WA-24C-136-08 / 2021 (“OS 136“) with regard to the decision to award the additional claim, by the APSB in the High Court of Kuala Lumpur (“KL Court“) on August 10, 2021.

2.1. FIRST CLAIM AWARD DECISION

There has been no hardware development since the last update released on August 26, 2021.

2.2. ADDITIONAL CLAIMS ADJUDICATION DECISION

There has been no hardware development since the last update released on August 26, 2021.

3. UPDATES TO LEGAL PROCEEDINGS WITH CHINA STATE CONSTRUCTION ENGINEERING (M) SDN BHD (“CSCE”)

The Board refers to the Company’s announcements dated November 27, 2020, December 7, 2020, January 25, 2021, February 17, 2021, April 28, 2021, July 30, 2021, August 10, 2021, August 18, 2021, August 25, 2021, August 26 2021, September 3, 2021, and September 15, 2021 regarding:

  1. the dismissal by the High Court of Malaysia in Johor Bahru (“JB Court“) on September 1, 2021, of the stay of the proceedings pending referral to arbitration in accordance with Article 10 of the Arbitration Act 2005, filed by the APSB, in connection with the writ summons and the declaration served by the CSCE on the APSB on 25 January 2021 (the “JB Matter“) (the “Dismissal by JB Court“);
  2. the rejection by the court of KL on August 6, 2021, of the original summons served by the APSB on the CSCE and the notice of request from the APSB requesting, among others, a provisional injunction to prevent the CSCE from initiating and / or continuing adjudication proceedings against APSB under the Construction Industry Payment and Adjudication Act 2012 until the disposition of the original summons on January 25, 2021 (the “KL Material“) (the “Dismissal by the court in KL“); and
  3. the invitation to tender dated August 17, 2021 (“Notice of Arbitration“) by Raja, Darryl &
    Loh (being the lawyers representing the CSCE).

3.1. JB CASE – NOTICE OF APPEAL

The Council wishes to update that a case management in relation to the notice of appeal filed on September 13, 2021 to appeal against the rejection by JB Court has been scheduled for November 1, 2021.

3.2. KL CASE – NOTICE OF APPEAL

There has been no hardware development since the last update released on August 26, 2021.

3.3. CSCE ARBITRATION NOTICE

There has been no hardware development since the last update released on August 26, 2021.

The Company will make further announcements to inform shareholders as soon as there are significant developments regarding the operations of the Company and the revised Takeover Proposal.

By order of the Council

Khong Chung Lun

Executive Director and Chief Executive Officer

September 28, 2021

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This announcement was prepared by the Company and reviewed by the Company’s sponsor, Novus Corporate Finance Pte. Ltd. (the “Sponsor”), pursuant to Rule 226 (2) (b) of Section B of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) Listing Handbook: Catalist Rules.

This announcement has not been reviewed or approved by SGX-ST and SGX-ST assumes no responsibility for the content of this announcement, including the accuracy of any statements or opinions made, or reports contained in this announcement. .

The contact person for the Sponsor is Mr. Andrew Leo, General Manager, at 7 Temasek Boulevard, # 18-03B Suntec Tower 1, Singapore 038987, phone (65) 6950 2188.

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Disclaimer

Astaka Holdings Limited published this content on September 28, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on September 28, 2021 02:21:05 AM UTC.


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