Unless otherwise stated, all definitions used in this announcement shall have the same meanings as defined in the announcements dated 12 February 2020, 24 February 2020, 28 February 2020, 2 April 2020, 10 April 2020, 6 May 2020, 2 June 2020 and 24 June 2020.

The Board of TAG wishes to announce that the Company has been informed by TA Securities Holdings Berhad, acting on behalf of TAE, that the delay in implementation of the Offer and the Proposed Subscription had caused the valuation reports of the material properties of the TAG Group to exceed the 6-month validity period pursuant to Paragraph 10.04(3)(b) of the Main Market Listing Requirements. Therefore, the material properties have to be revalued by the respective independent valuers to comply with the Main Market Listing Requirements, to ensure that the date of valuation which forms the basis of the valuation certificate to be included in the circular, shall not be more than 6 months before the date of the circular issued to shareholders. The updated valuation reports to be prepared by the respective independent valuers will take into consideration the effects of COVID-19 on the material properties of TAG Group.

In view thereto, the tentative timeline for the implementation of the Offer and the Proposed Subscription is as follows:

Barring any unforeseen circumstances and subject to SC’s approval for the extension of time to dispatch the Offer Document and submission of the IAC for SC’s comments, the Board of TAE expects the Offer and the Proposed Subscription to be completed in the 4th quarter of 2020.

This announcement is dated 20 July 2020.