The Board of Directors of the Company wishes to announce that the Company’s effective 51% owned subsidiary, JAKS Island Circle Sdn Bhd (“JIC”) had on 14 October 2019 entered into a sale and purchase agreement with JAKS Sdn Bhd (“JSB”), a wholly-owned subsidiary of the Company for disposal of 1,216 plots of car park bays and the parcel of Car Park Management Office located at Pacific Towers, Section 13, Petaling Jaya for a consideration of RM53.7 million to be settled by way of set-off of inter-company account of JIC, JSB and MNH Global Assets Management Sdn Bhd, which the Company has 51% effective interest (“Settlement Arrangement”) (“ the Disposal”).

The Disposal is a related party transaction and this announcement is made pursuant to paragraph 10.08(9) of the Main Market Listing Requirements.

Please refer to the attached file for full details of the Disposal.

This announcement is dated 15 October 2019.