1.  Introduction

The Board of Directors of Sasbadi Holdings is pleased to announce that, the Company’s wholly-owned subsidiary, The Malaya Press Sdn Bhd (“TMP”), has today signed and accepted 2 Letters of Acceptance from the MoE to publish, print and supply the textbook package for the subject Bahasa Cina Tingkatan 5 and Pendidikan Muzik Tahun 5 SJKC at an estimated contract value of RM893,770.00 and RM545,020.00 respectively.

Both the Bahasa Cina Tingkatan 5 and Pendidikan Muzik Tahun 5 SJKC contracts (collectively, the “Contracts”) are for the period from 2 November 2020 to 1 November 2023.

2.   Financial Effects

TMP is expected to deliver the first tranche of these Contracts in the second 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 3 November 2020.