The Board of Directors of LYC Healthcare Berhad ("LYC" or "the Company") wishes to announce that LYC Beauty & Wellness Sdn. Bhd. ("LYCBW" or "the Plaintiff"), a subsidiary of the Company, had on 24 August 2026 served a Writ and Statement of Claim ("Statement of Claim") to Dr Dinesh A/L Kanasen ("1st Defendant") and Sarahanna A/P Selvarajah ("2nd Defendant") (collectively, the "Defendants") in respect of a suit filed at the High Court of Malaya at Kuala Lumpur, as informed to the Company on 27 August 2026.
The suit arises from, inter alia, the Share Sale Agreement ("SSA") entered into between LYCBW and the Defendants in relation to the acquisition of 100% equity interest in Tao Global Ventures Sdn. Bhd. ("Tao Global").
Pursuant to the SSA read together with the First Addendum, the 1st Defendant had provided a profit guarantee that the profit after tax ("PAT") of Tao Global would not be less than RM500,000.00 for each of the financial years ended 31 March 2024 and 31 March 2025.
LYCBW claims that the actual PAT for the financial year ended 31 March 2024 was RM28,537.00, resulting in a shortfall of RM471,463.00, whilst Tao Global recorded a loss for the financial year ended 31 March 2025. Accordingly, LYCBW claims that the cumulative amount owing by the Defendants pursuant to the profit guarantee amounts to RM971,463.00 ("Total Outstanding Sum").
LYCBW further claims that the Defendants had breached the representations and warranties made by the Defendants in Tao Global were false, inaccurate and/or erroneous, resulting in losses and/or damages amounting to RM142,296.15.
Pursuant to the Statement of Claim, LYCBW seeks, amongst others, the following reliefs:
1. An order that the 1st Defendant and/or the 2nd Defendant to jointly and severally pay to LYCBW the Total Outstanding Sum of RM971,463.00;an order that the 1st Defendant and/or the 2nd Defendant jointly and severally pay to LYCBW the sum of RM142,296.15 arising from the Medirani transactions;
2. An order that the 1st and/or 2nd Defendants to jointly and severally pay to the LYCBW the interest at the rate of 5% per annum on the amounts awarded by the Court, calculated from the date of judgment until full and final settlement pursuant to Order 42 Rule 12 of the Rules of Court 2012;
3. An order that the Plaintiff is at liberty to apply and/or file any application and/or motion if necessary to give effect to the orders herein;
4. Cost; and
5. Further and other relief which this Honourable Court deems fit and suitable.
The Company will make further announcements on any material development in respect of the above matter as and when appropriate and/or necessary.
This announcement is dated 27 August 2026.