On behalf of the Board of Directors of Minetech ("Board"), UOB Kay Hian Securities (M) Sdn Bhd ("UOBKH") wishes to announce that MRB Property Sdn Bhd ("MRBPSB") (a wholly-owned subsidiary) had on 19 November 2021, entered into a conditional sale and purchase agreement ("SPA") with M & GA Sdn Bhd ("MGSB") for the proposed acquisition of a parcel of freehold land held under Geran Mukim 277, Lot 11615, Tempat 4th Mile Ampang Road, Mukim Ampang, Daerah Kuala Lumpur, Negeri Wilayah Persekutuan Kuala Lumpur ("Subject Land"), for a purchase consideration of RM60,000,000, which will be satisfied entirely in cash ("Proposed Acquisition").

In conjunction with the SPA, MRBPSB had also on even date, entered into a supplemental agreement ("SA") with MGSB to set out further conditions on the plot ratio of the Subject Land.

Further details on the Proposed Acquisition are set out in the attachment below.

This announcement is dated 19 November 2021.