The Board of Directors of LICB (“Board”) wishes to announce that LICB and Amsteel Mills Sdn Bhd (“AMSB” or “Seller”), a 99% owned subsidiary of the Company, had on 11 October 2021 entered into a conditional sale and purchase agreement with Esteel Enterprise Pte Ltd (“Esteel” or “Buyer”) (“Agreement”) for the following:

(a) the proposed disposal by the Seller of its entire holding of (i) 218,010,000 ordinary shares; and (ii) 30,000,000 redeemable preference shares in Antara, representing the entire 100% issued share capital of Antara (“Sale Shares”) for the aggregate cash consideration of USD122 million (equivalent to RM509.96 million) and USD Equivalent of Cash-In-Company made up as follows:

(i) USD114.80 million (equivalent to approximately RM479.86 million) plus USD Equivalent of Cash-In-Company for the entire 218,010,000 Ordinary Shares; and

(ii) USD7.20 million (equivalent to approximately RM30.10 million) for the entire 30,000,000 Preference Shares.

The consideration for the 30,000,000 Preference Shares shall be fixed at USD7.20 million (equivalent to approximately RM30.10 million) and any difference between the Adjusted Consideration and the Disposal Consideration shall be allocated towards the purchase consideration of the 218,010,000 Ordinary Shares.

(b) the Buyer agreed to pay the Additional Consideration to the Seller for the acquisition of the Extra Assets (being the Labuan Inventory, the Labuan Current Assets and the Labuan Account Receivables) and assumption of the Liabilities.

(c) consequent to the preceding paragraph (b), the Disposal Consideration shall be adjusted on the Completion Date based on the agreed formula as set out in Appendix II of this announcement (“Adjusted Consideration”).

Unless otherwise stated, the abbreviations and definitions used throughout this announcement shall have the same meanings as those defined in Appendix I of this announcement.

The full text of the announcement is attached herewith.