The Board of Directors of Magni wishes to announce that its wholly-owned subsidiary, South Island Garment Sdn. Bhd. having registration no. 197501002601(24114-U) (“SIG” or “the Vendor”) had, on 9 September 2020, entered into a Sale and Purchase Agreement ("SPA" or the “Agreement”) with Hallmark Equity Sdn Bhd having registration no. 202001021600 (1377920-V) (“the Purchaser”) to dispose of all that freehold land held under GM200, Lot No. 352, Mukim 12, Tempat Ladang Valdor, Daerah Seberang Perai Selatan, Negeri Pulai Pinang together with the building erected thereon and bearing address no. 1488 Jln Besar Valdor, Kaw Perindustrian Valdor, 14200 Sg Jawi, Pulau Pinang (the “Said Property”) for total cash consideration of RM22,000,000 (“Disposal Price”) subject always to the terms and conditions as stipulated in the SPA [“Proposed Disposal”].

Please refer to the attachment for details of the Proposed Disposal.

This announcement is dated 9 September 2020.