We refer to the Company's announcement dated 5 June 2020 in respect of the proposed transactions to be entered into with its associate company, Symphony via TIME's subsidiary, AIMS Data Centre (Thailand) Limited ("ADCTH") for the construction and operation of a data centre business in Thailand ("Joint Investment").

The Board of Directors of TIME (“the Board”) wishes to announce that on 31 July 2020, Symphony’s shareholders have approved for Symphony to enter into the Joint Investment in ADCTH, thereby satisfying the main outstanding condition precedent for the transaction.

Pursuant to the abovementioned, the following definitive agreements have been entered into today:-

1. Share Sale and Purchase Agreement between TIME’s wholly-owned subsidiary Planet Tapir Sdn Bhd (“PT”) and Symphony (“SPA”) for the acquisition by Symphony of 270,039 existing ordinary shares, representing 49% of total shares in ADCTH, for a total cash consideration of THB27,003,900 (approximately RM3,656,000).
2. Shareholders’ Agreement between the Company, TIME’s wholly-owned subsidiary AIMS Data Centre Sdn Bhd (“ADCSB”) and Symphony (“SHA”) to regulate their relationship in the management and control of the affairs of ADCTH, as a carrier-neutral data centre business.
3. Novation Agreements between Symphony, ADCTH and the relevant parties (“NVA”) for the novation of Symphony’s rights and obligations relating to the office lease and the construction and the development of the data centre to ADCTH.
4. Loan Agreement for a total value not exceeding THB 306,000,000 (approximately RM41,433,000) between Symphony, TIME and ADCTH (“LA”) whereby Symphony and TIME agree to grant a shareholder loan to ADCTH in proportion to their respective shareholding ratio in ADCTH i.e. up to THB150,000,000 (approximately RM20,310,000) by Symphony and THB156,000,000 (approximately RM21,123,000) by TIME.

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

This announcement is dated 11 August 2020.