We refer to the Bursa Query Letter dated 31 October 2023 in respect of the aforesaid matter.  In this connection, kindly refer below for the additional information for public release as requested: 

1.   Name of the firm/party appointed to conduct the special review and the date of such appointment. 

(a)    Samir Sumathi Fernando & Co 

         Date of Appointment: 27 April 2023

         Completion Date: 11 July 2023

         Extended Completion Date: Estimate by 30 November 2023

         Scope of Work: To provide legal opinion on whether the Joint Venture Agreements/Turnkey Construction Agreements (“the Agreements”) entered into between Kar Sin Berhad (“KSB”) and various Landowners/Counterparties are in compliance with all applicable laws and the Bursa Main Market Listing Requirements and also whether the parties involved in the Agreements are related parties or otherwise.

(b)    Benjamin Dawson (“BD”)

        Date of Appointment: 3 April 2023

        Completion Date: 7 July 2023

        Scope of Work:  To identify whether any of the Joint Venture Agreements, Turnkey Construction Agreements and all supplemental agreements related thereto entered into by Kar Sin Berhad (“KSB”) are in accordance with the laws and regulations in relation to related party transactions.

2.   Scope of work together with the relevant timeline involved for the special review.

Please refer to the above item no. 1.

3.   Details on the operational, business and financial impact arising from the ongoing special review and regulatory authorities investigations.

The ongoing special review is not expected to have any significant operational, business and financial impact as the review is focused on the possibility of related party transactions concerning joint ventures and turnkey contracts entered by the Group.  

4.   Indicative timeline for the intended appointment of a professional firm to conduct an independent review which shall include the expected appointment and completion dates.

In addition to the existing review, we would further appoint a professional firm to conduct an independent review on the Joint Venture Agreements, Turnkey Construction Agreements and all supplemental agreements. The indicative timetable for the intended appointment is on the week of 20 November 2023, and the estimated completion date is on the week of 15 April 2024.

This announcement is dated 1 November 2023.