The Board of Directors of Paragon Globe (“Board”) wishes to announce that the Company had on 20 December 2019 entered into a conditional subscription agreement with Dato’ Sri Edwin Tan Pei Seng (“Dato’ Sri Edwin Tan”) and Builtech Acres Sdn Bhd (“Builtech”) to subscribe 52,900,000 new ordinary shares in Builtech (“Builtech Shares”) (“Subscription Shares”), representing approximately 99.06% of the enlarged issued share capital of Builtech Acres for a cash consideration of RM52,900,000 (“Subscription Price”) (“Subscription Agreement”) (“Proposed Subscription”).

The detailed announcement is attached hereto.

This announcement is dated 20 December 2019.