Further to the announcement made on 17 June 2022 in relation to the Disposal of Property, we wish to furnish herewith additional information in relation thereto.

(The terms used herein, unless the context otherwise stated, bear the same meaning as those defined in the earlier announcements in relation to the Disposal.)

1.         Additional Information on the Property

2.         Fair value of the Property

The fair value of the Property was measured based on appraisals performed by TSROP at approximately RM6,000,000.

3.         Net book value of the Property

The net book value of the Property was RM2,633,523, based on the latest audited financial statements for financial year ended (“FYE”) 30 June 2021 of TSROP.

4.         Valuation of the Property

There was no valuation carried out on the Property.

5.         Information on the Purchaser

5.1       Share capital and substantial shareholder

As at 17 June 2022, the Purchaser has an issued share capital of RM20,000,000 comprising 20,000,000 ordinary shares. The shareholder of the Purchaser and their shareholdings in the Purchaser are set out below:-

5.2       Directors

The directors of the Purchaser and their respective shareholdings in the Purchaser are set out below:-

Notes:

*1      Dato’ Azmir Bin Jaafar by virtue of his deemed interests in shares in Tiger Arches Sdn Bhd (“TASB”) are also deemed interested in the shares of the Purchaser to the extend TASB has an interest.

6.         Justification for the Disposal Consideration

The Disposal Consideration represents a premium of RM2,496,000 or approximately 70% over its original cost of investment of RM3.5 million.

7.         Salient features of the SPA

Details of the salient features of the SPA are set out in Appendix I of this announcement.

7.1       Documents Available For Inspection

Copies of the SPA will be made available for inspection at the Company’s registered office at Level 16, Menara TSR, No.12, Jalan PJU 7/3, Mutiara Damansara, 47810 Petaling Jaya, Selangor Darul Ehsan during normal business hours from Monday to Friday (Except public holidays) for a period of 3 months from the date of this announcement.

8.         Expected gain/(loss) arising from the Disposal

The estimated gain on disposal of approximately RM3.0 million is derived as below:-

Notes:

*1      The breakdown of the estimated expenses is set out below:-

9.         Utilisation of proceeds

The Board has earmarked approximately RM5,700,000 from the Disposal Consideration to be utilised for working capital requirements as set out below:-

Notes:

The actual amount to be utilised for working capital requirements as disclosed above may differ subject to the operating requirements at the time of utilisation. In the event of a surplus and/or deficit in the allocated amounts for the abovementioned working capital, such variance will be adjusted to/from the proceeds allocated for other working capital depending on the respective funding requirements at that point of utilisation.

This announcement is dated 22 June 2022.