Unless otherwise defined herein, all terms and acronyms used herein shall be the same as those defined in the Company’s announcements dated 6 July 2020 and 8 July 2020.

Reference is made to the announcements dated 6 July 2020 and 8 July 2020.

The Company wishes to clarify that the Deposit Sum and Balance Purchase Price based on the SPA entered into between ABSB and the Purchaser should be Ringgit Malaysia Eight Million (RM8,000,000.00) and Ringgit Malaysia Thirty Two Million (RM32,000,000.00) respectively.

Accordingly, the Salient Terms (a) and (b) of the SPA as contained in the announcement dated 6 July 2020 shall read as follows:-

(a)      Upon execution of the SPA, the Purchaser shall pay an aggregate sum of Ringgit Malaysia Eight Million (RM8,000,000.00) only as deposit (“Deposit Sum”) and ABSB acknowledges the receipt in the following manners:

          (i)         a sum equivalent to three per cent (3%) of the Purchase Price amounting to Ringgit Malaysia One Million and Two Hundred Thousand (RM1,200,000.00) only to the Purchaser’s Solicitors as stakeholders who shall deal with the same for the purpose of real property gain tax; and

          (ii)        a sum of Ringgit Malaysia Six Million and Eight Hundred Thousand (RM6,800,000.00) only to ABSB.

        The Deposit Sum shall in the event of the completion of the sale and purchase form part payment towards the Purchase Price.

(b)    The Purchaser shall within three (3) months from the date of the SPA (“Completion Period”) pay the balance sum of Ringgit Malaysia Thirty Two Million (RM32,000,000.00) only (“the Balance Purchase Price”) to ABSB’s Solicitors as stakeholders to be dealt with in accordance with the provisions of the SPA.

The amounts of Deposit Sum and Balance Purchase Price as stated in the announcement dated 6 July 2020 was extracted from the draft SPA which had yet to be finalised.  

This announcement is dated 28 July 2020.