MATERIAL LITIGATION

Updates on Material Litigation first announced on 28 March 2012

 

Reference is made to Evergreen Fibreboard Berhad ("EFB") previous announcement dated 7 August 2012 pertaining to the case filed by the other shareholders of Dynea Krabi Co., Ltd. ("the Plaintiffs") against EFB in the intellectual Property and International Trade Court in Bangkok [Case Black No Tor Por 112/554] (" Material Litigation") first announced on 28 March 2012.

The Board of Directors would like to announce that the Material Litigation has been settled and withdrawn without any costs or compensation to either party resulting from the parties having executed and registered a Compromise Agreement ["CA"] before The Central Intellectual Property and International Trade Court in Bangkok, Thailand today.

In the Compromise Agreement,

1.It is agreed that EFB shall cease to be party of the joint venture pursuant to the sale of all its 412,500 shares in Dynea Krabi Co., Ltd. to other existing shareholders and the sale of shares to be completed on 1st October 2012.

2.The Plaintiffs and EFB has irrevocably agree to settle and compromise on the dispute under this Complaint/ Legal Suit and this Compromise Agreement shall constitute the absolute and final settlement of this Complaint/Legal Suit with no further claim be brought by any party against another party or parties in respect of the disputed matters in this Complaint / Legal Suit and all related agreements in respect of the joint venture.

 

 

This announcement is dated 18th September 2012