Reference is made to the Company’s announcements dated 23 September 2014 and 14 February 2020 on the Bill of Demand for Sales Tax.

The Board of Directors wishes to announce that the Company has today received a letter dated 3 June 2020 from the Royal Malaysian Customs (“Customs”) of Selangor notifying the Company of its decision regarding the Company’s appeal for remission of the Bill of Demand dated 17 September 2014, wherein, the agreed total claimable amount is now RM6,363,422.35.

The Company shall proceed to remit payment of RM6,363,422.35 to the Customs, as full and final closure of this matter.

The financial impact of this settlement represents approximately 2.2% and 4.1% of the audited Group net earnings and net assets, respectively for the year ended 31 December 2019.

This announcement is dated 15 June 2020.