Bursa Announcements

Reference is made to our announcements dated 18 August 2017, 5 January 2018, 11 January 2018, 16 November 2018, 14 December 2018, 8 October 2020, 19 July 2021, 22 July 2021, 23 September 2021 and 17 November 2023 pertaining to the Writ of Summons and Statement of Claim filed by Transnasional Express Sdn. Bhd., Plusliner Sdn. Bhd., Syarikat Kenderaan Melayu Kelantan Berhad, Syarikat Rembau Tampin Sdn. Bhd., Kenderaan Langkasuka Sdn. Bhd., Epicon Berhad (formerly known as Konsortium Transnasional Berhad) and MHSB Properties Sdn. Bhd. (collectively “the Plaintiffs”) against Tan Chong Industrial Equipment Sdn. Bhd. (“TCIE”), a wholly-owned subsidiary of Tan Chong Motor Holdings Berhad (“TCMH”).

The Company wishes to announce that on 27 February 2025, the Federal Court has dismissed the Plaintiffs' appeal against the decision of the Court of Appeal of 16 November 2023 to dismiss the Plaintiffs’ claims against TCIE for:

(i)    an injunction to prevent TCIE from repossessing and disposing of its buses, taking legal proceedings to enforce the subject settlement agreement and dealing with the subject land;

(ii)   a declaration that the value of the subject land was RM 55,600,000.00 which resulted in overpayment in the sum of RM22,679,424.94;

(iii)  an order that TCIE shall pay the sum of RM22,679,424.94 to MHSB Properties Sdn. Bhd., the 7th Plaintiff;

(iv)  payment of interest on the sum of RM22,679,424.94;

(v)   an order to compel TCIE to return the land acquisition compensation sum of RM877,000.00 to the Plaintiffs;

(vi)  an order that TCIE shall return all the buses repossessed by TCIE to the Plaintiffs; and

(vii) costs.

In dismissing the Plaintiffs’ said appeal, the Federal Court has also awarded costs of RM80,000.00 in favour of TCIE being the costs of the appeal payable by the Plaintiffs, subject to the payment of allocatur fees.

This announcement is dated 27 February 2025.