We refer to the Company’s announcements made on 26 April 2021, 5 July 2021, 6 July 2021, 21 July 2021, 26 July 2021, 29 July 2021 and 16 August 2021 in relation to the Proposed Acquisitions. For consistency purposes, the abbreviations used in this announcement shall carry the same meaning as those previously defined in FCW’s circular to shareholders dated 6 July 2021 in relation to the Proposed Acquisitions.

On behalf of the Board, Mercury Securities wishes to announce that FCW had on 15 September 2021 entered into the following supplemental agreements in order to facilitate the completion of SPA 2 and SPA 3 and the release of the Balance Payment for Lot 2 and the Balance Payment for Lot 13 and Lot 14, in view that the presentation of the transfer for Lot 2, Lot 13 and Lot 14 remains pending due to the standard operating procedure introduced by the land registry which takes effect during the COVID-19 pandemic period:

(i) supplemental agreement with CFM Development in respect of SPA 2 (“SPA 2 Supplemental Agreement”) for the following:

(a) that instead of the Balance Payment for Lot 2 being paid by the Purchaser on or before the expiry of the Completion Period of SPA 2 or the extended Completion Period of SPA 2, as the case may be, to the solicitors as stakeholders to hold and deal with pending the presentation of the memorandum of transfer for Lot 2, the Balance Payment for Lot 2 shall be paid by the Purchaser to the Vendor on or before expiry of the Completion Period of SPA 2 or the extended Completion Period of SPA 2, subject to:

1. Lot 2’s transfer documents having been delivered to the Purchaser or the Purchaser’s solicitors and a land search result conducted in respect of Lot 2 indicating that Lot 2 is free from encumbrances; and
    
2. the Vendor having granted a power of attorney in favour of the Purchaser to enable the Purchaser to deal with Lot 2 on behalf of the Vendor pending the registration of Lot 2’s transfer; and

(b) upon payment of the Balance Payment for Lot 2, the Purchaser shall be the sole beneficial owner of Lot 2 and the Vendor shall hold all rights, title and interest in Lot 2 on trust as bare trustee for the Purchaser and the Vendor shall carry out and comply with all of the Purchaser’s instructions and requirements in respect of the dealings with Lot 2’s legal title, pending registration of Lot 2’s transfer.

(ii) supplemental agreement with CFM Printing & Stationery in respect of SPA 3 (“SPA 3 Supplemental Agreement”) for the following:

(a) that instead of the Balance Payment for Lot 13 and Lot 14 being paid by the Purchaser on or before the expiry of the Completion Period of SPA 3 or the extended Completion Period of SPA 3, as the case may be, to the solicitors as stakeholders to hold and deal with pending the presentation of the memorandum of transfer for Lot 13 and Lot 14, the Balance Payment for Lot 13 and Lot 14 shall be paid by the Purchaser to the Vendor on or before expiry of the Completion Period of SPA 3 or the extended Completion Period of SPA 3, subject to:

1. Lot 13 and Lot 14’s transfer documents having been delivered to the Purchaser or the Purchaser’s solicitors and land search results conducted in respect of Lot 13 and Lot 14 indicating that the said properties are free from encumbrances; and
    
2. the Vendor having granted a power of attorney in favour of the Purchaser to enable the Purchaser to deal with Lot 13 and Lot 14 on behalf of the Vendor pending the registration of the said properties’ transfer; and
    

(b) upon payment of the Balance Payment for Lot 13 and Lot 14, the Purchaser shall be the sole and beneficial owner of Lot 13 and Lot 14 and the Vendor shall hold all rights, title and interest in Lot 13 and Lot 14 on trust as bare trustee for the Purchaser and the Vendor shall carry out and comply with all of the Purchaser’s instructions and requirements in respect of the dealings with Lot 13 and Lot 14’s legal title, pending registration of the said properties’ transfer.

FCW had on even date paid the Balance Payment for Lot 2 and the Balance Payment for Lot 13 and Lot 14 to CFM Development and CFM Printing & Stationery respectively, which thus marks the completion of the Proposed Acquisitions.

The SPA 2 Supplemental Agreement and SPA 3 Supplemental Agreement are available for inspection at FCW’s registered office at 29th Floor, Menara JKG, No. 282, Jalan Raja Laut, 50350 Kuala Lumpur during normal business hours from Mondays to Fridays (except public holidays) for a period of 3 months from the date of this announcement.

This announcement is dated 15 September 2021.