We refer to the Company’s announcements dated 9 June 2020 and 24 July 2020 (collectively, the “Announcements”) in relation to the Proposed Disposal. Unless otherwise stated, the abbreviations and definitions used throughout this announcement shall have the same meanings as those previously defined in the Announcements.

The Board of Directors of LICB wishes to announce that due to the Covid-19 pandemic and the various phases of Movement Control Orders imposed by the Government and the greater amount of due diligence work involved which have impacted the timing of the Buyer Due Diligence, LICB and AMSB had on 24 August 2020 entered into a 2nd supplemental letter agreement with Esteel for a further extension of time to 15 September 2020 for the completion of the Buyer Due Diligence and to 25 September 2020 for the execution of a supplemental agreement to the Agreement (“Proposed Further Extension of Time”).

Save as disclosed in the Announcements, the Proposed Further Extension of Time is not expected to have a material impact on the earnings and EPS of the LICB Group for the financial year ending 30 June 2021 and the net assets and gearing of the LICB Group based on the audited consolidated statement of financial position of LICB as at 30 June 2019.

Save for the Proposed Further Extension of Time, all the remaining terms and conditions of the Agreement as revised by the Supplemental Letter Agreement dated 24 July 2020 entered between LICB, AMSB and Esteel shall continue to remain in full force and effect.