The Board of Directors of Saudee (“Board”) wishes to announce that Saudi Cold Storage Sdn Bhd, (“SCSSB” or “Vendor”), a wholly-owned subsidiary of Saudee Group Berhad (“Saudee”), has on 29 May 2020 entered into two (2) sale and purchase agreements (“SPA(s)”) with Arca Edaran (M) Sdn Bhd (“AESB” or “Purchaser”) to dispose the following:-

(a)           three (3) parcels of vacant residential land known as HS(D) 7441, Lot 3397; HS(D) 7442, Lot 3398 and HS(D) 7443, Lot 3399, Bandar Alor Setar, Daerah Kota Setar, Kedah Darul Aman with a total area measuring approximately 6,530.4169 square meters/ 70,293 square feet (“Residential Land”) for a cash consideration of RM2,474,313.60 (“Residential Land Disposal” or “Residential Land Disposal SPA”); and

(b)           one (1) parcel of vacant commercial land known as HS(D) 7758, Lot 3572, Bandar Alor Setar, Daerah Kota Setar, Kedah Darul Aman with a total area measuring approximately 2,738.7816 square metres/ 29,480 square feet (“Commercial Land”) for a cash consideration of RM2,015,471.40 (“Commercial Land Disposal” or “Commercial Land Disposal SPA”).

The Residential Land Disposal and Commercial Land Disposal collectively referred to as the “Proposed Disposal”.

Further details on the Proposed Disposal are set out in the attached file.

This announcement is dated 29 May 2020.