The Board of Directors of LICB wishes to announce that Antara Steel Mills Sdn Bhd and Lion Waterway Logistics Sdn Bhd, both subsidiaries of the Company, together with Posim Marketing Sdn Bhd, a wholly-owned subsidiary of Lion Posim Berhad, which is in turn a 74% owned subsidiary of the Company (collectively, the “Secured Parties”) had on 16 December 2020 entered into a settlement cum share sale agreement (“Agreement”) with Lion Diversified Holdings Berhad (in liquidation), acting by and through the appointed liquidator, Datuk Tee Guan Pian of Suite 11.05, Level 11, The Gardens South Tower, Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur (“LDHB”) for the settlement of the entire outstanding secured debts of approximately RM210.35 million due and owing by certain subsidiaries of LDHB to the Secured Parties for an aggregate settlement amount of approximately RM210.35 million, by way of the transfer of the 1 ordinary share in Well Morning Limited of HKD1.00 (“Well Morning”), representing 100% equity interest in Well Morning (“Well Morning Share”) held by LDHB to the Secured Parties in the agreed proportion as stated in the announcement attached herewith (“Agreed Proportion”) where the Secured Parties have agreed to settle and transfer the Well Morning Share on an “as is where is” basis in the Agreed Proportion, in accordance with the provisions of the Agreement.

The full text of the announcement is attached herewith.