1.   INTRODUCTION

The Company wishes to announce that the following wholly-owned subsidiaries of Metrojaya Berhad, which is in turn a 98.21%-owned subsidiary of MUIB, have at their respective Extraordinary General Meeting helds on 27 May 2020, obtained approval from the sole shareholder to commence members’ voluntary winding-up pursuant to Section 439(1)(b) of the Companies Act 2016 (“Winding-Up”):-

i)   East India Company Clothing (Malaysia) Sdn Bhd ("EIC"); and

ii)  Metrojaya Department Stores Sdn Bhd ("MDS").

Mr Chong Mun Yew has been appointed as the Liquidator for the above Winding-Up.

2.   DETAILS OF SUBSIDIARY UNDER WINDING-UP

3.     RATIONALE FOR THE WINDING-UP

The Winding-Up of the subsidiaries is part of the MUIB Group’s continuing rationalisation effort to simplify the structure of the MUIB Group. In addition, the Winding-Up will enable the MUIB Group to save future costs associated with maintaining these subsidiaries.

4.     EFFECTS OF THE  WINDING-UP

The Winding-Up will not have any material financial or operational effect on the MUIB Group for the current financial year ending 30 June 2020.

5.     DIRECTORS’ AND MAJOR SHAREHOLDERS’ INTERESTS

None of the Directors, major shareholders and persons connected with the Directors and major shareholders of MUIB have any interest, direct or indirect, in the Winding-Up of these subsidiaries.

This announcement is dated 29 May 2020.