News

A)  Kuala Lumpur High Court Civil Suit No. WA-22NCVC-330-06/2020 (Breach of Contract Suit)

Between

KAB Technologies Sdn. Bhd.                                         Plaintiffs

And

1. ICEE International Sdn. Bhd.

2. ICEE Energy Services Sdn. Bhd.                              Defendants

B) Kuala Lumpur High Court Civil Suit No. WA-22NCVC-255 05/2020 (Passing Off Suit)

1. KAB Technologies Sdn. Bhd. (“KABT”)

2. Lai Keng Onn (“Dato’ Lai”)                                             …Plaintiffs

And

1. ICEE International Sdn. Bhd. (“ICEE”)

2. Prabodh Kumar A/L Kantilal (“Prabodh”)

3. ICEE Energy Services Sdn. Bhd. (“ICEE Energy”)  …Defendants

    [collectively referred to as “ICEE Parties”]

[By Original Action: Defence And Counterclaim]

1.  ICEE International Sdn. Bhd.

2.  ICEE Energy Services Sdn. Bhd.                                     …Plaintiffs

And

1.  KAB Technologies Sdn. Bhd.

2.  Kejuruteraan Asastera Berhad

3.  Lai Keng Onn

4.  Jonathan Wu Jo-Han                                                   …Defendants

[collectively referred all the above parties as “Parties”]

(hereinafter referred to as “Legal Proceedings”)

We refer to all the announcements made earlier on 13 July 2020 and 17 July 2020 in relation to the above legal proceedings (“Announcements”). Unless otherwise defined, the terms used herein shall have the same meaning as those defined in the Announcements.

The Board of Directors of KAB wishes to announce that KAB, its wholly-owned subsidiary, KABT, Dato’ Lai Keng Onn and Mr Jonathan Wu Jo-Han and ICEE Parties (comprised ICEE, ICEE Energy, Prabodh) have resolved their disputes amicably and had on 26 February 2021 entered into a Settlement Agreement to record the terms of the global settlement (“Settlement Agreement”) as full and final settlement in relation to all the Legal Proceedings filed by the Parties.

For the Passing off Suit, there are two agreed courses of actions by way of the Settlement Agreement with regard to the claims by KABT and Dato’ Lai Keng Onn (“Main Claims”) and the counterclaims by ICEE Parties (“Counterclaims”), respectively. In respect of the Main Claims, the Parties are to enter into a Consent Judgment on the substantially the same terms as set out in the Statement of Claim filed by KABT and Dato’ Lai Keng Onn. As for the Counterclaims, the ICEE Parties are to withdraw the Counterclaims with no liberty to file afresh and with no order as to costs. The Interlocutory applications filed by the KAB Parties shall also be discontinued without liberty to file afresh and with no order as to costs.

Among the terms of the Settlement Agreement on Breach of Contract Suit, KABT shall effect payment of a total sum of RM120,000.00 in spite of ICEE’s claims totalling RM265,776.81. This will be the full and final settlement of any sums due from KABT to ICEE in respect of Pullman Project, Robinson Rama 9 Project and Robinson Prachinburi Project.  All Parties shall have no further claim whatsoever and shall not institute any fresh legal proceedings against each other arising from above mentioned projects.

The Settlement is not expected to have any material impact on the earnings, net assets or gearing of KAB for the financial year ending 31 December 2021.

This announcement is dated 1 March 2021.