Reference is made to the announcement made by the Company on 21 March 2019 on the extension of time for the utilisation of proceeds raised from its Public Issue (“Public Issue Proceeds”) which have been earmarked for the acquisition of land for storage of construction machinery and equipment, as well as for payment of salaries for new employees (for infrastructure project team) to be based at GDB's head office. 

The Board of Directors of the Company (“Board”) wishes to announce that the Board has resolved to extend the timeframe for utilisation of the Public Issue Proceeds which have been earmarked for the acquisition of land for storage of construction machinery and equipment amounting to RM8.00 million, as well as for payment of salaries for new employees (for infrastructure project team) to be based at the head office amounting to RM0.68 million, by an additional twelve (12) months ("Additional Extension of Time”).

Please refer to the attachment for the details of the announcement.

This announcement is dated 26 March 2020.