Further to the announcement made on 13.7.2010, ABB’s appeal to the Court of Appeal against the decision of the High Court was heard on 8.10.2010. The Court of Appeal dismissed ABB’s appeal with costs of RM15,000.00.  The Court of Appeal however did not provide any written grounds for its decision.  Based on the advice of ABB’s legal counsel, ABB proceeded to seek leave to appeal to the Federal Court against the decision of the Court of Appeal on 8.10.2010.  The Federal Court however dismissed ABB’s application for leave to appeal on 22.2.2011 with costs.  The Federal Court held inter-alia that since ABB had already complied with the terms of the High Court Order dated 31.5.2010, ABB’s leave application became academic. ABB is currently seeking legal advice from its legal counsel on the Federal Court’s decision in dismissing the application for leave to appeal.

Further development of the above matter will be announced to Bursa Malaysia in due course.

This announcement is dated 24 February 2011.