Reference is made to the announcements dated 7 September 2020, 10 September 2020 and 13 November 2020 in relation to the Proposed Disposal (“Announcements”). Unless otherwise stated, words and phrases used in this announcement shall have the same meaning as defined in the Announcements.

On behalf of the Company, the Board of Directors (“Board”) wishes to announce that Christine Resort, a wholly-owned subsidiary of the Company had on 26 September 2021 obtained the KM Layout Approval and SBKS Approval (“Approvals”) for the Land from Pejabat Tanah dan Galian Johor (“PTGJ”). The said letter from PTGJ dated 26 September 2021 was given to Countryland Realty (“Purchaser”) on even date.

The Approvals were obtained within the timeframe as mutually agreed upon by Christine Resort and Countryland Realty in accordance to Clause 1.1(b) of the SPA. It has no requirements for Affordable Housing with usual standard terms which are imposed on development of similar size and nature, which are acceptable to Countryland Realty.

On 1 October 2021, Messrs Tea, Kelvin Kang & Company, Solicitors acting for Christine Resort (“Solicitors”) had confirmed that Clause 1.1 of the SPA has been fulfilled, thus, the Disposal Consideration for the Land is RM88,666,380.

Pursuant thereto, Countryland Realty shall pay:-

(i)         the redemption sum of RM15,170,000 to the existing chargee directly within 14 days from the date of receipt of the Approvals; and

(ii)         the balance Disposal Consideration of RM64,629,742 to the Solicitors within 1 year from the date of the receipt of the Approvals after deducting the Access Road Retention  Sum and Defect Liability Retention Sum.

This announcement is dated 5 October 2021.