On behalf of the Board of Directors of Sg Bagan, RHB Investment Bank Berhad wishes to announce that Sg Bagan had on 7 May 2021 entered into a conditional agreement (“Agreement”) with The Nyalas Rubber Estates Limited (“Nyalas”) for the proposed transfer by Sg Bagan of:

(i) 354,734 ordinary shares in Balland Properties Limited (“Balland”), held through its wholly-owned subsidiary, Springvale International Limited, representing its entire 49% equity interest in Balland, to Nyalas or to any of its wholly-owned subsidiaries as nominated by it; and

(ii) 11,684,133 ordinary shares in Kuchai Development Berhad (“KDB”), representing its entire 9.44% equity interest in KDB, to Nyalas,

in exchange for 22,412 shares in Torbridge Holdings Limited (“Torbridge”) held by Nyalas, representing 100% equity interest in Torbridge at an agreed exchange value of RM32,166,047 subject to adjustments in accordance with the terms of the Agreement (“Proposed Exchange”).

Further details of the Proposed Exchange are set out in the attachment below.

This Announcement is dated 7 May 2021.