The Board of the Company is pleased to announce that its wholly owned subsidiary, Ireka Engineering & Construction Sdn. Bhd. has today been awarded a contract by Wanland Metro Sdn. Bhd. for the construction and completion of the following, including the infrastructure and associated works at Bukit China, Mukim Pasir Akar, Daerah Besut, Terengganu (“the Contract”):

1. 68 units 1-storey terrace houses type “A”;
2. 280 units 1-storey terrace houses type “B”;
3. 8 units shophouses;
4. Community Hall;
5. Surau; and
6. Tadika.

The salient terms are as follows:

1. The Contract shall be for the provisional sum of Ringgit Malaysia Forty-Five Million Seven Hundred and Sixty-Nine Thousand Only (MYR45,769,000.00); and
2. The date of possession of site and completion shall be as follows:
   1. Commencement: 15 November 2021;
   2. Completion: 29 May 2023; and
   3. Completion period: 80 weeks from the commencement date.

The above Contract is expected to contribute positively to the earnings of ICB Group for the financial years ending 31 March 2022 onwards. ICB does not foresee any exceptional risk other than the normal operational risk associated with the Contract. Barring unforeseen circumstances, the Board of ICB is of the opinion that the acceptance of the Contract is in the best interest of ICB Group.

None of the directors or substantial shareholders or persons connected with such directors or substantial holders of the Company have any direct or indirect interest in the Contract.

This announcement is dated 8 November 2021.