(Reference is made to the principal prospectus of the Company dated 28 July 2026 in relation to its initial public offering ("Prospectus"), particularly, the material litigation disclosed in Section 15.6 of the Prospectus and Supplementary Prospectus of the Company dated 21 August 2026. Unless stated otherwise, definitions used in this announcement shall carry the same meanings as defined in the Prospectus and Supplementary Prospectus).
The Board of Directors of the Company ("Board") wishes to announce that Asiapac had on 3 September 2026 filed a Fortuna injunction application at the High Court of Malaya ("Fortuna Injunction") against FS. The Fortuna Injunction seeks, amongst others, to restrain FS from presenting any winding-up petition against Asiapac arising from a statutory notice dated 26 August 2026 issued by FS pursuant to Section 466(1)(a) of the Companies Act 2016 ("Notice"). Pursuant to the Notice, FS claims a sum of RM126,000.00, purportedly being the outstanding salary for the period from March 2024 to June 2024 ("Claimed Sum"), and demands payment of the Claimed Sum within 21 days from the date of service of the Notice. For information, as at the date of this announcement, no winding-up petition has been presented by FS against Asiapac arising from the Notice.
The Claimed Sum is disputed by Asiapac and are presently the subject of ongoing legal proceedings between FS and Asiapac pursuant to the Suit 454, Suit 590 and Industrial Court Matter 183, as disclosed in Section 15.6 of the Prospectus. Accordingly, the Claimed Sum under the Notice does not represent a new claim against Asiapac, but relates to an existing disputed claim which is already the subject matter of ongoing proceedings between the parties. Further, the Claimed Sum is not material vis-a-vis the financial position of the Group as at 31 May 2026.
Following consultation with its solicitors, Asiapac filed the Fortuna Injunction as a protective measure to restrain FS from presenting, filing and/or proceeding with any winding-up petition against Asiapac arising from the Notice and/or the Claimed Sum. The application for the Fortuna Injunction is premised on, amongst others, the grounds that (i) the Claimed Sum is bona fide disputed which are already the subject of ongoing proceedings between FS and Asiapac pursuant to the Suit 454, Suit 590 and Industrial Court Matter 183; (ii) Asiapac has a genuine and substantial cross-claim against FS and other defendants under Suit 454 which substantially exceeds the Claimed Sum as disclosed in Section 15.6 of the Prospectus; and (iii) Asiapac is financially solvent and is able to pay its debts as and when they fall due.
Based on the advice received by Asiapac, its solicitors are of the view that there are reasonable grounds for Asiapac to obtain the Fortuna Injunction, having regard to, amongst others, the bona fide dispute concerning the Claimed Sum, the existing proceedings concerning the Claimed Sum and Asiapac's substantial cross-claim against FS.
Having considered the circumstances surrounding the Notice, the Claimed Sum and its quantum, the existing legal proceedings between the parties, Asiapac's financial position and the advice received from Asiapac's solicitors, the Board is of the view that the filing of the Fortuna Injunction is in the best interests of Asiapac and the Group to protect Asiapac against the presentation of a winding-up petition premised upon the disputed Claimed Sum. Accordingly, the Board is of the view that the Notice and the application for the Fortuna Injunction are not expected to have any material adverse effect on the business operations or financial position of the Group.
The Company will make further announcement(s) to Bursa Securities as and when there are any material developments in relation to the Fortuna Injunction.
TA Securities, being the Sponsor, is responsible for the admission of United Asiapac Energy to the ACE Market of Bursa Securities. TA Securities assumes no responsibility for the contents of this announcement.
This announcement is dated 3 September 2026.