The Board of Directors of the Company wishes to announce that its wholly-owned subsidiary company, Biogreen Success Sdn Bhd [Company No. 200501033979 (716120-D)], had on 22 January 2020 entered into a Sale and Purchase Agreement (“SPA”) with Lumiera Enterprise Sdn Bhd [Company No. 199601003730 (376076-V)] for the acquisition of a parcel of land with oil palm plantation thereon situated at Along Batang Baram, Baram containing an area of 4,698.2 hectares, more or less and described as Lot 2, Block 11, Teraja Land District, located within Miri Divisions, Sarawak together with its facilities, infrastructures, improvements, immovable assets excluding the movable assets for a total cash consideration of RM85,000,000.00 subject to the terms and conditions as stipulated in the SPA (“Proposed Acquisition”).

Further details of the Proposed Acquisition are set out in the attachment.

This announcement is dated 22 January 2020.