On behalf of the board of directors of See Hup (“Board”), Affin Hwang Investment Bank Berhad (“Affin Hwang IB”) wishes to announce that Limsa Ekuiti Sdn Bhd (“Limsa Ekuiti” or “Vendor”), a wholly-owned subsidiary of See Hup, had on 14 January 2021, entered into a conditional sale and purchase agreement (“SPA”) with Wangsaga Industries Sdn Bhd (“Wangsaga Industries”) and Tek Seng Properties & Development Sdn Bhd (“Tek Seng Properties”) (collectively referred to as the “Purchasers”) for the disposal of a parcel of industrial land formed by nine (9) adjoining lots (“Land”) and warehouse and structure erected thereon measuring approximately 853,863 square feet, held under Geran Mukim 996, 997, 998, 988, 989, 991, 992, 993 and 994, Lot Nos. 324, 640, 642, 1504, 1505, 1664, 1667, 1669 and 1702, all within Mukim 14, Daerah Seberang Perai Tengah, Negeri Pulau Pinang (“Property”) for a total cash consideration of RM46,962,465 (“Disposal Consideration”) (“Proposed Disposal”).

Please refer to the attachment for further details.

This announcement is dated 14 January 2021.