1.   Introduction

The Board of Directors of Sasbadi Holdings is pleased to announce that, the Company’s wholly-owned subsidiary, Sasbadi Sdn Bhd (“SSB”), has today signed and accepted 2 Letters of Acceptance from the MoE for the following:

(i)    to publish, translate, print and supply the textbook for the subject Sains Tingkatan 5 dan Science Form 5 at an estimated contract value of RM3,343,080.00 (“Science Textbook Contract”); and

(ii)   to publish, print and supply the textbook package for the subject Pendidikan Seni Visual Tahun 5 SJKC at an estimated contract value of RM561,680.00 (“Visual Arts Textbook Contract”).

Both the Science Textbook Contract and the Visual Arts Textbook Contract (collectively, the “Contracts”) are for the period from 1 June 2020 to 31 May 2023.

2.    Financial Effects

SSB is expected to deliver these Contracts in the first quarter of the financial year ending 31 August 2021. In this regard, these Contracts are expected to contribute positively to the earnings and net assets of the Sasbadi Holdings Group for the financial year ending 31 August 2021 and onwards, during the duration of these Contracts.

3.    Risk Factors

The Company does not foresee any exceptional risk other than the normal operational risks associated with these Contracts. The Company will take the necessary steps to mitigate the risks as when they occur.

4.    Directors’ and/or Major Shareholders’ Interest

None of the Directors and/or major shareholders of Sasbadi Holdings or persons connected with them has any interest, whether direct or indirect, in these Contracts.

5.    Directors’ Statement

The Board of Directors of Sasbadi Holdings is of the opinion that these Contracts are in the ordinary course of business and in the best interest of the Company.

This announcement is dated 1 June 2020.