For consistency purposes, abbreviations and definitions used throughout this announcement shall have the same meanings as those previously defined in the announcements made by the Company on 4 September 2020 and 20 November 2020.

Reference is made to the Company’s announcements on 4 September 2020 and 20 November 2020 on the claim filed in the High Court of England and Wales by BOCA against the Company and AAX Leasing Two (“said Claim”).

As an update, the Company wishes to announce that the Company and AAX Leasing Two have respectively been served with the Notice to Judgment Debtors of Registration of Foreign Judgment dated 7 December 2020 filed in the High Court of Malaya at Kuala Lumpur in respect of the registration of the said Order (as defined in the Company’s announcement dated 20 November 2020) obtained by BOCA in the High Court of England and Wales for the said Claim (“said Notice”).

Financial and Operational Impact to the Group

The financial impact to the Group will be a cash outflow equal to the amount of the said Notice, if successful. There is no operational impact to the Group.  

The Steps Taken or Proposed to be Taken by the Company in respect of the said Notice

The Board of AAX is currently reviewing the documentations received in respect of the said Notice, and will be seeking legal advice in relation to the said Notice.

For information, the Company did not enter appearance in the said Claim in view of the proposed debt restructuring exercise of the Company.

The Company will make the necessary announcements on further developments of the above matter as and when necessary. 

This announcement is dated 8 December 2020.