(Unless otherwise stated, all abbreviations used herein shall have the same meaning as those stated in the announcement dated 17 October 2022 in relation to the Proposed Acquisition)

Further to the announcement made on 17 October 2022, the Board of Directors of GLB wishes to announce the additional information pertaining to the Proposed Acquisition as follows:-

Section 3.2 – Information of the lands

The full address of the lands are as follows:-

The existing use of the lands: Agricultural lands. Everwin has received the approval to convert the lands from agricultural to residental in August 2022. Pending the payment of the land premium by Everwin.

Encumbrances: The lands are currently charged to OCBC Bank (Malaysia) Berhad by Everwin vide registration number 256/2014 (Land 1 - 3.8698 hectares/9.5622 acres) and 258/2014 (Land 2- 4.148 hectares/10.250 acres).

Section 3.3 – Salient Terms

The forced sale value of RM4,438,000 and RM6,934,200 is derived from 70% of the market value. The SPA dated 17 October 2022 is the final SPA and there shall be no subsequent SPA. The SPA contains the standard terms and conditions of this nature of acquisition.

Section 7(c) - Gearing

There is no material effect on the gearing of GLB assuming that the Proposed Acquisition will be fully financed by bank borrowings.

Section 14 – Document for Inspection

The SPA and Valuation Report are available for inspection during normal business hours at the Company’s Registered Office at A-09-03, Empire Tower, Empire Subang, Jalan SS16/1, 47500 Subang Jaya from Mondays to Fridays (except public holidays) during business hours for a period of 3 months from the date of this announcement.

Others – Audit and Risk Management Committee’s Statement

The Audit and Risk Management Committee ("ARMC") of GLB, after having considered all relevant aspects of the Proposed Acquisition (including but not limited to the terms and conditions of the SPA, basis of the purchase price, the valuation ascribed by the Independent Valuer, rationale and financial effects) is of the opinion that the Proposed Acquistion is in the best interest of GLB and is not detrimental to the interest of the minority shareholders of GLB. ARMC is of the view that the Proposed Acquisition is fair, reasonable and on normal commercial terms.

Others – Original cost and date of investment

Below is the summary of the Original Cost and Date of Investment of the Vendor:-

Others - Transactions with The Related Parties for the preceding 12 months

There is no other transaction with the Related Parties for the preceding 12 months from date of this announcement.