We refer to the letter dated 17 December 2020 from Bursa Malaysia Securities Berhad pertaining to the sharp rise in price and volume of Perak Corporation Berhad’s (“Company”) shares today (“trading activity”).

On behalf of the Board of Directors of the Company, we wish to highlight the following:

1.         The Company had on 17 December 2020 announced that it intends to undertake the following proposals:

(a)        PCB Development Sdn Bhd, a wholly-owned subsidiary of the Company, has on 17 December 2020, entered into two (2) separate inter-conditional sale and purchase agreements (“SPAs”) with Pertubuhan Keselamatan Sosial (“PERKESO”) for the proposed disposal of four (4) pieces of vacant commercial land and one (1) piece of vacant residential land all situated at Mukim Hulu Kinta, Daerah Kinta, Perak Darul Ridzuan for a total cash consideration of RM78,679,531.26 (“Proposed Disposal of PERKESO Properties”); and

(b)        Proposed Scheme of Arrangement under Section 366 and other relevant provisions of the Companies Act 2016, between PCB, PCB Development Sdn Bhd and its Scheme Creditors (“Proposed Scheme of Arrangement”).

The Company has on 17 December 2020 issued an Explanatory Statement, together with the Notice to convene the meetings of Scheme Creditors to be held on 8 January 2021 pursuant to the provisions of Section 366 of the Act for the purpose of considering the Proposed Scheme of Arrangement, to the Scheme Creditors pursuant to Section 366 and other relevant provisions of the Act.

Please refer to the announcement dated 17 December 2020 for further information on the above proposals to be undertaken by the Company.

Save as disclosed above, the Board confirms that it is not aware or currently involved in any other corporate development relating to the PCB Group’s business and affairs that has not been previously announced that may account for the trading activity including those in the stage of negotiation/discussion.

2.         The Board hereby confirms that it is not aware of any rumour or report concerning the business and affairs of the Group that may account for the trading activity.

3.         The Board hereby confirms that the Company is not aware of any other possible explanation to account for the trading activity.

4.         The Board hereby confirms that the Company is in compliance with the Bursa Securities LR, in particular Paragraph 9.03 of the Bursa securities LR on immediate disclosure obligations.

This announcement is dated 17 December 2020.