Further to the announcement made on 30 March 2026, the Board of Directors of the Company wishes to inform that AJSB has decided not to pursue any further appeal, and accordingly, the matter shall be treated as concluded.

Pursuant to the Court Judgment dated 16 March 2026, AJSB is liable to pay Amsteel a judgment sum of RM12,921,192.00 on 31 March 2026, with continuing post-judgment interest of RM1,641.76 per day until full settlement.

Subsequently, both parties have signed a settlement agreement dated 28 April 2026 whereby AJSB shall discharge the judgment sum through a contra/set-off transaction by supplying 6,300 metric tonnes (MT) of billets to Amsteel.

The contra asset is valued at RM12,978,000.00, which Amsteel agrees to accept as full settlement of the judgment sum, subject to full delivery and acceptance by 25 May 2026.

The judgment sum shall only be deemed fully satisfied upon complete delivery and acceptance of the billets by Amsteel. In the event of any shortfall in quantity delivered, AJSB is required to pay cash equivalent to the deficient quantity based on the unit price stipulated in the sales contract.

This announcement is dated 11 May 2026.