Icon Offshore Berhad : Changes In Director's Interest (Section 219 Of CA 2016) - Dato' Sri Hadian Bin Hashim

Material Litigation

BackMar 29, 2021

Type	Announcement
Subject	MATERIAL LITIGATION
Description	Icon Offshore Berhad ('Icon' or the Company) - Writ of Summons and Statement of Claim filed by Icon Ship Management Sdn. Bhd., a wholly-owned subsidiary of Icon against Uzma Engineering Sdn. Bhd.

Reference is made to the Company's announcement dated 22 February 2021 ('Announcement'). Unless otherwise defined, the definitions set out in the Announcement shall apply herein.

The Board of Directors of Icon wishes to announce that its wholly-owned subsidiary, ISM, via its solicitors, Messrs. Anad & Noraini, had received a sealed consent order dated 8 March 2021 ('Consent Judgement').

Pursuant to the Consent Judgement, both parties agreed via e-mail on the following settlement:-

(i) Without admission of liability, UZMA shall pay to ISM the full payment of outstanding sum of RM3,949,476.88 ('Outstanding Sum').

(ii) The payment of the Outstanding Sum by UZMA to ISM is to be paid in the following manners:-

• 
  RM1,000,000.00 to be payable on 15 April 2021;
  

• 
  RM1,000,000.00 to be payable on 1 May 2021;
  

• 
  RM1,000,000.00 to be payable on 1 June 2021; and
  

• 
  RM949,476.88 to be payable on 1 July 2021.
  

(iii) UZMA shall forward to ISM four (4) post dated cheques for the above sums to be received by UZMA on or before 15 March 2021.

(iv) The usual default clause shall read that, in the event there is default in the manner of late payment, ISM has the right to immediately enforce the Consent Judgement against UZMA for the balance outstanding sum due to ISM including the interest at the rate of 5% on the outstanding sum from the date of judgement until the date of full settlement.

Any announcement on the further development of the above matter will be made to Bursa Malaysia Securities Berhad in due course.

This announcement is dated 29 March 2021.

Announcement Info

Company Name	ICON OFFSHORE BERHAD
Stock Name	ICON
Date Announced	29 Mar 2021
Category	General Announcement for PLC
Reference Number	GA1-08032021-00063