Reference is made to the announcement dated 25 November 2020 in relation to the non-binding heads of agreement entered by Bina Puri and its wholly-owned subsidiary, Bina Puri Properties Sdn Bhd (“Bina Puri Properties”) with Tan Sri Datuk Tee Hock Seng, Dr. Tan Cheng Kiat, Datuk Matthew Tee Kai Woon, Tee Kai Soon and Datuk Tee Hock Hin (collectively referred to as the “Vendors”) for the acquisition of ordinary shares in Ideal Heights Properties Sdn Bhd (“IHP”) owned by the Vendors.

On behalf of the Board of Directors of the Company, Mercury Securities Sdn Bhd wishes to announce that the Company proposes to undertake the following:-

(i)         proposed acquisition of 2,022,593 ordinary shares in IHP, representing 44.50% equity interest in IHP, by Bina Puri Properties for a total purchase consideration of RM26,938,000 to be satisfied in cash and issuance of new ordinary shares in Bina Puri (“Bina Puri Shares” or “Shares”) (“Proposed Acquisition”); and

(ii)         proposed private placement of up to 260,523,000 new Shares, representing 30% of the existing total number of issued Shares, to independent third-party investor(s) to be identified later and at an issue price to be determined later (“Proposed Private Placement”).

Please refer to the attachment for further details on the above.

This announcement is dated 22 January 2021.