Reference is made to the Company’s announcement dated 1 October 2021 and subsequent announcements in relation to the Proposed Disposals (“Announcements”) and the circular to shareholders in relation to the Proposed Disposals dated 24 March 2022 (“Circular”). Unless otherwise defined, the definitions used in this announcement shall have the same meanings as those defined in the Announcements and Circular.

On behalf of the Board, HLIB wishes to announce that TGPL had on 30 June 2022 entered into a supplemental agreement to the Mendol SSA and another supplemental agreement to the Seychelles SSA (“Third Supplemental Seychelles SSA”) (collectively referred to as “Third Supplemental SSAs”) to amend the following:

(i) Cut-Off Date for the respective SSAs to be 31 August 2022 or such later date as may be mutually agreed in writing between the Mendol Parties for the Mendol SSA and Seychelles SSA Parties for the Seychelles SSA as the last date by which the respective Mendol SSA Conditions and Seychelles SSA Conditions must be fulfilled; and

(ii) Insertion of a new condition for completion to the SSAs as below:

"Review: the Mendol Parties for the Mendol SSA and Seychelles SSA Parties for the Seychelles SSA reviewing the key terms of the sale and purchase of the Mendol Sale Shares and Seychelles Sale Shares under the respective SSAs and agreeing any amendment to the terms of the respective SSAs consequent upon such review, and such review and amendment being mutually satisfactory to the said parties respectively.”

In the same Third Supplemental Seychelles SSA, the Seychelles SSA Parties have mutually agreed to waive a Seychelles SSA Condition under Clause 2.1(i) of the Seychelles SSA as below:

“The issue of Ijin Mendirikan Bangunan (i.e the license to build and erect buildings and structures on land issued by the relevant regulatory authority in the Republic of Indonesia) in relation to Properties (Plot A4) (“IMB”).”

The waiver is agreed upon after taking into consideration that the Marine Park has ceased operations as at the date of the Third Supplemental Seychelles SSA, and TGPL undertakes to Blumont (now known as Southern Archipelago Ltd) that, in the event that the Seychelles SSA Parties decide to recommence the operations of Marine Park currently located on HGB (Plot A4) following the Seychelles SSA Completion, TGPL will be fully responsible to procure the issue of the IMB as at Seychelles SSA Completion, by paying the requisites levy or premium imposed by the relevant authority for the issue of the IMB, including any penalties imposed by the relevant authority in relation thereto.

The Third Supplemental SSAs are available for inspection at the registered office of the Company at 20th Floor, Menara Haw Par, Jalan Sultan Ismail, 50250 Kuala Lumpur during normal business hours on Mondays to Fridays (except public holidays) for a period of 3 months from the date of this announcement.

This announcement is dated 30 June 2022.