The Board of Directors of Cycle & Carriage Bintang Berhad ("CCB") wishes to announce that CCB has on 27 February 2020 entered into a conditional sale and purchase agreement with The Malayan Press (PG) Sdn Bhd (Company No.: 197301002974 (16438-P) to acquire 3 pieces of freehold vacant lands held under Geran 10567 Lot 253 Seksyen 9W, Geran 10568 Lot 254 Seksyen 9W and Geran 10569 Lot 255 Seksyen 9W, all in Bandar George Town, Daerah Timor Laut, Negeri Pulau Pinang with an approximate area of 35,420.84 square feet (equivalent to 3,290.70 square metres) in total for total cash consideration of RM24,205,460 (“Proposed Acquisition”).

Please refer to the attachment for details of the Proposed Acquisition.

This announcement is dated 27 February 2020.