The Company had on 25 January 2019, announced that it had on even date received a letter from its major shareholder, Suiwah Holdings Sdn Bhd on behalf of and together with Dato’ Hwang Thean Long, the ultimate offeror, and the parties acting in concert, requesting the Company to undertake a selective capital reduction and repayment exercise pursuant to Section 116 of the Companies Act 2016 (“SCR Offer Letter”).

On behalf of the Board of Directors of SCB (“Board”), UOB Kay Hian Securities (M) Sdn Bhd wishes to announce that the Board (save for the Interested Directors and Datuk Haji Radzali bin Hassan), had on 11 February 2019 deliberated on the contents of the SCR Offer Letter and has decided to present the Proposed SCR to shareholders of SCB for their consideration and approval.

In addition, the Board, save for the Interested Directors and Datuk Haji Radzali bin Hassan, had appointed Mercury Securities Sdn Bhd to act as the Independent Adviser to advise the Entitled Shareholders and the non-interested directors of SCB on the fairness and reasonableness of the Proposed SCR and the voting action to be taken at the EGM to be convened.

The details on the Proposed SCR are set out in the attachment enclosed.

This announcement is dated 11 February 2019.