(We refer to the previous announcement dated 24 May 2021 in relation to the Letters of Intent (“LOI”) from Paramount Property Development Sdn Bhd and Paramount Property (Sepang) Sdn Bhd, wholly owned subsidiaries of Paramount Corporation Berhad, to Nadi Cergas Sdn Bhd, a wholly owned subsidiary of GNCB, on the intention to award two (2) contracts to build 2,005 units of affordable homes for a total contract value of RM385 million.)

The Board of Directors of GNCB is pleased to announce that Nadi Cergas Sdn Bhd (“NCSB”), a wholly owned subsidiary of GNCB, has on 28 December 2021 received the LA from Paramount Property (Sepang) Sdn Bhd, a wholly owned subsidiary of Paramount Corporation Berhad, in relation to the proposal submitted by NCSB for the Turnkey contracts involving the design, execution, construction and completion of the proposed Affordable Homes Greenwood Salak Perdana, Selangor comprising 1,076 units of affordable homes of 1,000 square feet selling not more than RM250,000 each for a contract value of Ringgit Malaysia One Hundred Ninety-Five Million Two Hundred and Ten Thousand only (RM195,210,000.00).

The LA for the proposed Affordable Homes Kemuning Utama, Selangor comprising 929 units of affordable homes of 1,000 square feet selling not more than RM250,000 each for a contract value of Ringgit Malaysia One Hundred Eighty-Nine Million and Seven Hundred Ninety Thousand only (RM189,790,000.00) will be issued by Paramount Property Development Sdn Bhd, another wholly owned subsidiary of Paramount Corporation Berhad, at a later date once the pre-construction planning and implementation work has been finalised.

This announcement is dated 29 December 2021.