The Board of Directors of SMCB wishes to announce that the Company had on 8 April 2019 entered into a Letter of Intent (“LOI”) with Ingress Delta Construction Sdn. Bhd. (“IDCSB”) for the purpose of putting in writing both parties’ agreement in principle prior to the execution of a definitive joint venture agreement to carry out general construction works including any related renovation works in relation to several projects (“JVA”).

IDCSB is engaged in works related to civil construction, renovation and foreign labour supplies.

The LOI shall lapse and cease to have any further effect upon the occurrence of the following, whichever is earlier:-

1. the execution of the JVA;
2. the lapse of one (1) month from the date of the LOI; or
3. the mutual agreement by both parties to annul the LOI.

None of the Directors and/or major shareholders of the Company and/or persons connected with them have any interest, direct or indirect, in the LOI. 

The Board of Directors of SMCB, having considered all aspects of the LOI, is of the opinion that the LOI is in the best interest of the SMCB Group.

The LOI does not require approval of the Company’s shareholders and/or regulatory authorities.

The LOI is available for inspection at the registered office of SMCB at Unit 2-3, Medan Klang Lama 28, No. 419, Jalan Klang Lama, 58100 Kuala Lumpur during office hours from Mondays to Fridays (except on public holidays) for a period of three (3) months from the date of this announcement.

This announcement is dated 9 April 2019.