The Board of Directors of Ideal (“Board”) wishes to announce that its wholly-owned subsidiary, Ideal Capital Venture Sdn Bhd (Registration No. 201401013277 (1089361-K)), had on 21st January 2020 signed a head of terms with PR1MA Corporation Malaysia ("PR1MA") to jointly develop the lands held under H.S.(D) 7472, No. PT Plot C (formerly known as Lot No. 3363) and H.S. (D) 7473, No. PT Plot B (formerly known as Lot No. 3362), both located in Bandar Gelugor, Daerah Timur Laut, Pulau Pinang, with the total size of land measuring 65,720 square metres or approximately 16.24 acres and Gross Development Value totaling RM828.6 million (“Development”).

This Development is expected to contribute positively towards the revenue and earnings of Ideal in accordance with the stage of progress to be recognised over the next 3 to 5 financial years.

The Development does not entail different risks other than those applying to the existing business of Ideal, being property development which includes, inter alia, general business risks in relation to the industry, impact of government policies and regulation on the industry, competition and dependence of key personnel. The Company will take necessary steps to mitigate the risks as and when they occur.

None of the Directors and/or Major Shareholders and/or person connected to them, has any interest, direct or indirect, in the Development.

The Board is of the opinion that the Development is in the best interest of the Company.

This announcement is dated 21st January 2020.