The Board of Directors of APFT (“Board”) wishes to announce that the Company has, on 7 December 2020, entered into a memorandum of understanding (“MOU”) with Paragrene Land Sdn Bhd (Registration No. 199601027709 (400061-H)) (“PL”) and the shareholders of PL, being Fortress Capital Asset Management (M) Sdn Bhd, Wan Nasir Bin Wan Mustafha and Lim Pheck Joo (collectively, the “PL Shareholders”).

The MOU was entered into for the parties to discuss and explore a structure in which the business of PL will be the new core business of APFT (“Proposed Transaction”), including making an assessment as to the most appropriate and viable structure and form for the Proposed Transaction to be implemented, in order to regularise the PN17 (Practice Note 17) status of APFT. The proposed regularisation plan of APFT will involve, inter-alia, the Proposed Transaction and other key proposals including a fund-raising exercise (collectively, the “Proposed Regularisation Plan”).

This announcement is dated 07 December 2020.