The Board of Directors of GFB wishes to announce that GFB Technology Sdn. Bhd.  (“GFBT”), a  wholly-owned subsidiary, had on 23 December 2019 entered into a Sales and Purchase Agreement (“SPA”) with Marcilluslee @ Boy Bin Linus (“Vendor”), for the acquisition of a parcel of land held under Country Lease Title No. 215499246 situated at Kg Nosoob, in the district of Penampang, State of Sabah (“Land”) for a total cash consideration of RM10,000,000  (“Purchase Price”), upon the terms and conditions as stipulated in the SPA (“Proposed Acquisition”). Details of the Proposed Acquisition can be  found in the attachment.