The Board of Directors of the Company ("Board") wishes to announce that Kean Beng Lee Industries (M) Sdn Bhd ("KBL" or the "Purchaser"), a wholly-owned subsidiary of Baba Eco, had entered into a sale and purchase agreement ("SPA") dated 4 January 2022 with Jiali Resources Sdn Bhd ("JRSB” or the "Vendor") for the proposed acquisition of a piece of freehold vacant land ("Land") known as Lot No. 1022, Mukim 1, Daerah Seberang Perai Selatan, Negeri Pulau Pinang held under Geran Mukim No. Hakmilik 725 with an area measuring approximately 14,177 square metres for a total consideration of RM5,569,898.25 ("Purchase Consideration") (hereinafter referred to as "Proposed Land Acquisition"). The duly stamped copy of the SPA was delivered to, and received by, the Company on 13 January 2022.

Please refer to the attachment for further details of the announcement.

This announcement is dated 17 January 2022.