Reference is made to Glomac’s announcement on 22 November 2019 pertaining to the above matter.

Unless otherwise stated, all capitalised terms used herein shall have the same meanings referred to in the aforesaid announcement.

The Board of Glomac wishes to furnish the following additional information on the aforementioned matter:-

Rationale of the Selling Price

The purchase consideration for the disposal of the Property by GASB to GABSB is RM127,042,740. The market value of the property is RM154.0 million based on the valuation ascribed by Rahim & Co dated 30 October 2018.

The Proposed Disposal of the land by GASB to GABSB is made based on a “willing seller willing buyer” basis. The market valuation report merely serves as guidance in determining the selling price. The selling price of the Property also takes into consideration the challenging property market conditions.

Information pertaining to Al Batha Real Estate Co and the relationship between Al Batha Real Estate Co. and Glomac 

Al Batha Real Estate Co. is a private United Arab Emirates (UAE) company, being a subsidiary company under the Al Batha Group of Companies. The Al Batha Group of Companies is owned by the UAE family headed by Sheikh Salem bin Mohammad Al Qassimi, an UAE national.

Al Batha Real Estate Co.’s principal activities are to deal with land and real estate purchases, sales and leases, rental of property and real estate management. Al Batha Real Estate Co. is ultimately owned by the UAE family headed by Sheikh Salem bin Mohammad Al Qassimi.

Save and except for Glomac and Al Batha Real Estate Co. holding 51% and 49% shareholdings in GABSB respectively, there is no further relationship or interest between Al Batha Real Estate Co. and Glomac.

This announcement is dated 27 November 2019.