(For consistency, the abbreviations used throughout this announcement shall have the same meanings as defined in the announcement dated 5 July 2021 in relation to the Offer, where applicable, unless stated otherwise or defined herein.)

We refer to the Offer from Ideal Land Holdings Sdn. Bhd. ("ILHSB") dated 5 July 2021 and our earlier announcements in relation to the Offer, dated 5 July 2021, 4 August 2021, 3 September 2021, 29 October 2021, 30 December 2021, 31 January 2022 and 31 March 2022 (“Previous Announcements”).

The Board wishes to inform that the Offer from ILHSB made on 5 July 2021 is now considered lapsed and both parties are unable to come to an agreement with regard to the various commercial terms to conclude the transaction. Despite the date of the Offer Period being extended numerous times as indicated by Previous Announcements, the latest being until 31 August 2022, both parties, the Company and ILHSB have now decided to cease all negotiation with respect to the Offer. 

The above decision will not result in any material financial impact on the Company’s earnings, net assets or gearing for the financial year ended 30 June 2022.

This announcement is dated 1 September 2022.