Reference is made to the Company’s announcement dated 24 March 2022 pertaining to the acceptance of the Letter of Award (“LA”) on 23 March 2022, wherein Cypark Resources Berhad (“the Company” or “CRB”) was awarded a project for the proposed construction and completion of road upgrading and associated works along Jalan Dutamas 2, Mukim Batu, Bandaraya Kuala Lumpur, Wilayah Persekutuan for TTDI KL Metropolis Sdn. Bhd. ("TTDI KL").

The Board of Directors of CRB wishes to announce that the Company had on 19 September 2022 signed a Letter of Mutual Termination with TTDI KL to mutually terminate the LA for the purpose of discharging the parties from all their obligations and liabilities under the LA. The duly executed Letter of Mutual Termination was received by the Company on 21 September 2022. The ground for mutual termination was due to variability in project scope, completion date and project costs.

The Board also wishes to inform that the termination of the LA is made by mutual agreement and does not contravene any of the provisions of the LA.

The Board is of the view that the termination of the LA will not have any material effect on the earnings of the Company and net assets of the Group for the financial year ending 31 October 2022.

This announcement is dated 23 September 2022.