Pursuant to Paragraph 10.05 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of Landmarks wishes to announce that Tiara Gateway Pte Ltd ("TG"), a wholly-owned subsidiary of Landmarks had on 2 December 2020 entered into shares sale and purchase agreement with the Purchasers to dispose its 2,482,880 ordinary shares in MIPL, representing 51.0% of its equity interest in MIPL to the Purchasers for a total cash consideration of approximately SGD13.87 million (equivalent to approximately RM42.24 million).

Concurrently, TG and the Purchasers had also entered into a shareholders’ agreement to set out their rights and obligations as shareholders of MIPL to jointly undertake, complete, own, manage and operate the 5-star hotel, Natra Bintan a Tribute Portfolio Resort, located in Bintan Island Indonesia, the MIPL group of companies and its businesses.

Further details on the Proposed Disposal are set out in the attachment below.

This announcement is dated 2 December 2020.