Unless otherwise defined, the abbreviations and definitions used in the announcements dated 17 November 2020 and 30 November 2020 in relation to the Proposals (“Announcements”) shall apply herein.

We refer to the Announcements in relation to the Proposals.

On behalf of the Board, RHB Investment Bank wishes to announce that TCS had on 31 December 2020 received a letter dated 31 December 2020 from the Vendor:

(i) informing TCS that it wishes to enter into a conditional memorandum of understanding (“MOU”) with G Neptune Berhad (“GNB”), a company listed on the ACE Market of Bursa Securities, and to commence discussion and negotiation on proposed disposal of its remaining 75.0% equity interest in Southern Score to GNB (“Proposed Disposal to GNB”); and

(ii) seeking written consent from TCS pursuant to the SSA for a change of shareholder in Southern Score as a result of the Proposed Disposal to GNB (“TCS’ Consent”).

On 31 December 2020, the board of directors of GNB announced that GNB had on 31 December 2020, entered into the MOU with the Vendor to take their discussions forward in relation to the entry of a definitive agreement in relation to the Proposed Disposal to GNB.

In view of the Proposed Disposal to GNB and TCS’ Consent, the management of TCS will table for the Board’s deliberation and consideration in due course before reverting to the Vendor on the TCS’ Consent.

This announcement is dated 4 January 2021.