INTRODUCTION

The Board of Directors of RSB wishes to announce that Rajang Agrisupplies Sdn. Bhd. (“RASB”), a 100% owned subsidiary of RSB, has resolved by way of special resolution at its extraordinary general meeting ("EGM") held on 8 April 2022 to approve the voluntary winding up pursuant to Section 439 of the Companies Act 2016.

1. INFORMATION ON RAJANG AGRISUPPLIES SDN. BHD.

RASB was incorporated on 31 May 2002. The total issued and paid-up share capital as at the date of this announcement was RM850,000.00 with 850,000 Ordinary Shares which are 100% owned by RSB. RASB has engaged in the business of wholesaling and retailing of agricultural fertilizer since the date of incorporation on 31 May 2002. However, it has been dormant since 2017. RASB is not a major subsidiary of RSB Group.

2. RATIONALE FOR VOLUNTARY WINDING UP

RASB has been dormant since 2017 and it has no future plan to activate its business operation.

3. DETAILS OF VOLUNTARY WINDING UP

RASB has resolved by way of special resolution at its EGM held on 8 April 2022 to approve the voluntary winding up pursuant to Section 439 of the Companies Act 2016 and also resolved to appoint Mr. Morris Hii Su Ong of Hii & Lee (Secretarial Services) Sdn. Bhd. as liquidator of RASB for the purpose of the voluntary winding up.

4. EFFECT OF THE VOLUNTARY WINDING UP

The voluntary winding up proceeding of RASB will not have any operational impact on or result in any loss to the Group. The voluntary winding up of RASB will also not have any material effect on the earnings, net assets and gearing of RSB for the current financial year ending 31 December 2022.

There is no effect on the issued share capital and the substantial shareholders’ shareholding in RSB.

5. DIRECTORS AND MAJOR SHAREHOLDERS' INTEREST

None of the Directors or major shareholders of RSB or persons connected with them have any interest, direct or indirect, in the voluntary winding up.

This announcement is dated 10 June 2022.